The Turkish lira fell once more on Wednesday, July 6, continuing losses for the seventh day due to the rise of the dollar and investors’ fears of rising inflation and the policies applied to deal with the economic crises in the country.
The lira fell 1% once morest the dollar to record 17.2 by 08:07 GMT, continuing to reduce the gains recorded last Monday, when it reached 16.03 once morest the dollar.
The lira has lost 23% of its value this year, adding to a 44% loss last year caused by a series of interest rate cuts by the central bank encouraged by President Recep Tayyip Erdoğan, despite inflation rising and approaching 79% in June.
High energy prices undermined the government’s goal of controlling the chronic current account deficit and creating a surplus.
According to a Archyde.com poll, the deficit this year is expected to exceed $40 billion.
