Monday, January 30, 2023

The Turkish lira falls to a record low of 20.4 units against the euro

The Turkish lira has reached a record low of 20.41 units against the euro and 18.83 against the dollar this Friday, after ten days of a slow loss of value with frequent oscillations.

In mid-January, the Turkish currency once again touched the 20 lira per euro mark, which it had briefly exceeded in December 2021 after a period of sharp falls.

That year, an apparent intervention by the Central Bank caused the currency to rise sharply, which stabilized it for a few months around 15 units per euro and 14 units per dollar, until it returned to a downward path last summer.

The Turkish Central Bank, which fixes the value of currencies once a day, indicated today that of the dollar with 18.83 liras in the sale of banknotes and that of the euro with 20.41.

In the last twelve months, the Turkish currency has lost 25% of its value against both currencies, which has spurred the export of manufactured goods in Turkey, due to its low price on the world market, but has also triggered inflation.

After exceeding 85%, its highest rate in 20 years, inflation returned to 64% in December, according to official data, although independent economists say it is clearly higher.

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