The Turkish lira fell to a historic low – Kommersant
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The Turkish lira rate fell below 29 liras/$ for the first time, follows from the data Investing.com. In 2023, the currency fell by 35%.
At the opening of the auction, 28.95 Turkish liras were offered for $1. At 11:15 the rate dropped to a historical low of 29.01 lira/$. At 11:25 the currency strengthened to 28.9 lira/$.
At the beginning of 2023, the rate was about 18 lira/$. According to Reuters, the fall of the Turkish currency is due to the weakening of foreign exchange controls by the country’s government. After the re-election of President Recep Tayyip Erdogan, the new authorities raised the interest rate from 8.5% to 40%. At the end of November, the Turkish Central Bank announced the imminent end of the monetary tightening cycle.
Read more in the article “Kommersant” “The Turkish rate has almost reached its limit”.
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