The Turkish Lira hit a New Record Low

World | June 7, 2023, Wednesday // 12:09|  views


The Turkish lira, which fell today by more than five percent, hit a new historic low against the dollar ten days after the re-election of President Recep Tayyip Erdogan, reported AFP.

The Turkish currency was substantially supported ahead of the presidential and parliamentary elections in May by the Turkish central bank. One dollar was exchanged today shortly after 10:00 a.m. Bulgarian time for 22.80 Turkish lira, which is a drop in the lira exchange rate by 5.5 percent.

The Turkish lira also depreciated significantly against the euro (-5.35 percent). One euro was exchanged for around 24.38 TRY, while before the second round of the presidential election on May 28, one euro traded for less than 21.5 Turkish lira.

Today, the Bulgarian National Bank announced an exchange rate of BGN 8.51 per 100 lira.

Turkey's central bank spent nearly $30 billion to prop up the lira between Jan. 1 and the presidential election, pushing its foreign reserves into negative territory for the first time since 2002.

Turkish President Recep Tayyip Erdogan, who pursues an unconventional monetary policy, has appointed a new economy minister, Mehmet Simsek, whose task will be to stop the growth of inflation, which was 39.6 percent year-on-year in May, and get the Turkish economy back on track.

At his inauguration on Sunday, Simsek, a stickler for traditional economic policy, warned that returning the Turkish economy to a "rational basis" would be necessary to achieve an economic revival.

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Tags: Turkish, lira, dollar, Erdogan


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