The exchange rate of the Turkish lira fell against the Saudi riyal, in morning trading, today, Monday, August 22, 2022, after the Turkish Central Bank’s decision to reduce the interest rate by 100 basis points to 13%.
Turkey is witnessing a decline in the price of the Turkish lira against 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 a reduction in interest rates at levels of 13%, and Turkish President Recep Tayyip Erdogan has established a program to support the lira Turkish.
The price of the Turkish lira against the Saudi riyal today
The price of the Turkish lira fell against the Saudi riyal, in morning trading today, Monday, August 22, 2022, by about 0.0003 points, or 0.14%, to record the price of one lira 0.2073 Saudi riyals, and each Saudi riyal scored 4.8229 Turkish liras.
Turkish central bank cuts interest rate to 13%
Turkey’s central bank decided to cut the interest rate on the lira within a week to 13% from 14%, despite the country’s inflation rate approaching 80%.
Over the past seven months, the Turkish Central Bank has pursued a policy of maintaining the interest rate at 14%, and the decision to cut interest came to keep pace with what other central banks are doing in some parts of the world.
High inflation in Turkey
Turkey’s inflation rate for July rose 79.6% year-on-year, its highest level in 24 years, as the country struggles with rising food and energy prices.
The Turkish Central Bank raised its forecast for inflation in 2022 to 60.4%, up from 42.8% expected last April.