The exchange rates of the Turkish lira continued to decline against the Saudi riyal, in morning trading, today, Monday, July 4, 2022, after the Turkish Central Bank decided to fix the interest rate for the third time in a row, and the exchange rate of the lira is still under control.
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 fixing interest rates at levels of 14%, 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, today, Monday, July 4, 2022, by 0.0006 points, or 0.27%, to record the price of one lira 0.2232 Saudi riyals, and each Saudi riyal scored 4.4796 Turkish liras.
Turkish central keeps interest rates unchanged
The Turkish Central Bank kept interest rates unchanged, to fix the rate, according to expectations, at 14%.
Turkish President Recep Tayyip Erdogan said earlier this month that Turkey is on the path of lowering interest rates, despite the rise in interest rates all over the world, including the United States.
Turkey records the highest inflation level since 1998
The inflation rate reached 78.6% at an annual rate, in June in Turkey, the highest level since 1998, according to official figures published Monday.
The very high price rise is due in large part to the collapse of the Turkish lira, which lost about half of its value within a year against the US dollar.
Inflation reached 73.5% in May at an annual pace, despite the accelerating inflation, fears of a new price hike due to the war in Ukraine, and the Turkish Central Bank’s refusal to raise key interest rates, which have remained at 14% since December.