The exchange rates of the Turkish lira once morest the Saudi riyal stabilized today, Sunday, February 27, 2022, but the volatility in the lira exchange market is still under control following the Turkish lira passed the test of the central bank by fixing the interest rate.
Turkey is witnessing an economic crisis due to the decline in the price of the Turkish lira once morest other currencies, such as the dollar, the Egyptian pound and the Saudi riyal, while the Turkish government is working to restore the value of the lira, as the Turkish Central Bank announced fixing interest rates at levels of 14%, and Turkish President Recep Tayyip Erdogan set a program To support the Turkish lira.
The price of the Turkish lira once morest the Saudi riyal
The price of the Turkish lira stabilized today, Sunday, February 27, 2022, once morest the Saudi riyal, during today’s trading in the currency exchange market.
The price of one lira was 0.2714 Saudi riyals, and each Saudi riyal recorded 3.6848 Turkish liras.
A new program to support the Turkish lira
Turkish President Recep Tayyip Erdogan recently announced a program aimed at supporting the Turkish lira, by encouraging citizens and residents to keep their savings in banks with Turkish money, and converting foreign currencies into lira.
According to the Associated Press, according to the new program, exchange-rate-protected deposits will be guaranteed by the Turkish government, as it will cover losses if the interest they get when the account is due is less than what they get if they keep their savings in various foreign currencies.
She explained that the Turkish government expanded the program to also include the accounts of companies as well as individuals, while the Turkish Central Bank required exporters to convert 25% of their foreign currency earnings into the lira.
Inflation will decrease in 2023
For his part, Turkish Finance Minister Nuruddin Nebati said that according to the economic forecasts set by the Turkish government, inflation in his country is scheduled to decline to single digits by the time of the presidential and parliamentary elections, which are scheduled to be held in mid-2023.
According to Archyde.com, inflation in Turkey reached its highest level in 19 years in December 2021, following the central bank cut interest rates, which led to a currency crisis that led to a 44% drop in the value of the lira.
Turkish tourism revenue
And Turkish tourism revenues recorded during the fourth quarter of 2021, a decline from 11.4 billion liras down to 7.63 billion liras in the third quarter of the same year.
Although it recorded a rise of more than 100% during 2021, tourism revenues in Turkey are still 10 billion less than before the pandemic during 2019.
And Turkish tourism revenues increased during 2021 by 103%, reaching levels near 25 billion dollars.
While foreign trade statistics revealed a widening trade balance deficit to 6.79 billion pounds, compared to 5.4 billion pounds last month.
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