2023-06-08 08:02:15
Turkish lira
The Turkish lira fell to a new low, during Thursday’s trading, continuing the sharp losses it suffered in the previous session, in what economists described as an indication that Ankara is easing the state’s control over the exchange market.
During the night, the Turkish currency fell by about 0.8 percent, to about 23.39 pounds per dollar, before it compensated for some of its losses, so that it is currently trading at the level of 23.36 per dollar. In the previous session, the lira witnessed its largest decline since a historic collapse in 2021.
The lira has lost more than 19.9 percent of its value since the beginning of the year, and its declines have worsened since President Recep Tayyip Erdogan’s election for a third term last month.
Dealers said that the sharp decline of the lira against the dollar gives a “strong signal” that Ankara is withdrawing its support for the currency, allowing it to circulate freely.
The markets are looking forward to Erdogan’s economic performance in his new term, especially after his appointment as the new Finance Minister, Mehmet Simsek, who stated that Turkey has no option to deal with inflation but to return to the rationale.
Erdogan was insisting on pursuing an unconventional policy that included cutting interest, despite inflation reaching its highest level in nearly a quarter of a century last fall.
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