2023-06-25 16:10:07
The exchange rate of the Turkish lira against the dollar reached its continuous decline since the announcement of Recep Tayyip Erdogan’s victory in the presidential elections held last May, as it recorded a new level of decline today, Sunday.
This continuous decline raised the fear of many investors in Ankara about the fate of the price of the Turkish lira against the dollar in the coming period, as some indicated that Erdogan assumed the presidency of Turkey for a second term, which is Saturday.
The exchange rate of the Turkish lira against the dollar:
According to international indices, the price of the Turkish lira today against the currency of the United States of America has reached the level of 25.22 pounds per dollar, after recording 23.6 pounds per dollar, with a decline rate of 1.41%.
Turkish lira:
A number of investors explained that the reason for the decline is that Erdogan’s victory does not comfort any foreign investor, which made it reach me at 20.10 per dollar to add to its decline of 7% since the beginning of the year and a decline of 90% over the past decade, which made many analysts see that the government There is an urgent need to implement a quick plan that will extend until the end of 2023 to protect deposits in pounds from the state of fluctuation in the exchange rate.
Analysts explained to the Turkish market that if the government abandons this plan, an unexpected decline in the exchange rate of the lira against the dollar will occur in the coming period.
The fate of the Turkish lira after the central meeting:
And the Monetary Policy Committee of the Central Bank of Turkey announced last Thursday that it would raise interest rates at its regular meeting, by an estimated rate of 15%, after reducing them during the past 27 years from 19% to 8.5%, which made them decline again.
The Turkish lira against the pound:
The price of the lira decreased against the pound during today’s trading, as it reached 1.22 Egyptian pounds, with an estimated increase rate of 1.49%.
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