The Turkish lira has fallen to a new all-time low against the US dollar. The Turkish currency has been falling sharply since June 22 following the local Central Bank’s decision to raise the benchmark rate from 8.5% to 15%.
The Turkish lira exchange rate updated anti-registration and fell to 26 lira per US dollar. This is evidenced by trade data.
According to current data at the time of publication, the US dollar is trading at 25.8 lira on the stock exchange.
The Turkish lira began to lose ground rapidly against the US dollar after June 22, when the local central bank raised its benchmark rate from 8.5% to 15%. The rate increase was the first decision taken by the new head of the regulator, Gaye Erkan. She became the first woman to hold this position in Türkiye.
Erkan opposes the policy of re-elected Turkish President Recep Erdogan, who earlier promised the key rate would be cut under his leadership.
Author:
Kirill Bilyk
Source: RB
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