2024-01-03 05:26:46
ISTANBUL, January 2, 2024 (Xinhua) The Turkish currency recorded its lowest level ever once morest the US dollar on Tuesday, with a trading price reaching more than 29.70 liras per dollar.
The lira fell to 29.77 once morest the dollar at 12:58 pm local time (0958 GMT) before stabilizing at 29.74, losing regarding 37 percent of its value since last year.
Economist Alaeddin Aktas predicted for the Cumhuriyet daily newspaper that the dollar exchange rate would rise to regarding 40 liras in 2024.
Aktas said, “If the dollar exchange rate is adjusted according to the requirements of the economy, it will rise at the inflation rate and reach regarding 40 lira.”
The inflation rate in Türkiye reached 61.98 percent in November. The Turkish Statistical Institute is expected to release official inflation data for 2023 today (Wednesday).
In December, the Turkish Central Bank raised the interest rate by 250 basis points to 42.5 percent to halt the decline in the value of the lira and tame high inflation. /end of news/
1704261686
#Turkish #currency #records #lowest #level #dollar
