TURKISH LIRA HITS HISTORIC LOW AGAINST U.S. DOLLAR

Fri 12 January 2024:

On Thursday, the value of the Turkish lira fell to an all-time low of more than 30 liras per US dollar, Xinhua reported.

The exchange rate for one dollar at 10:25 a.m. local time (0725 GMT) was 30.01 lira. The value of the Turkish lira has dropped by more than 37% since the previous year, and in the first ten days of 2024, it lost 1.6 percent of its value in comparison to the US dollar.

Meanwhile, economist Duran Bulbul predicted that the dollar exchange rate could soon reach 40 liras due to issues such as excessive inflation.

“The greenback will first smash the 30-lira threshold, then evolve towards 35 and then 40 liras,” Bulbul was quoted by Milli Daily as saying.

Shortly after the psychological threshold was crossed, many Turkish citizens took to social media platform X to express their disappointment.

“Let’s not say that the dollar has become 30 liras, but let’s say that one lira has become 0.033 dollars. Maybe then, people will understand how worthless our money is,” wrote Eray Yuce.

Another user called “d.kadir” said “I have to work for months to buy a phone, a computer. I have to work for years, if I want to have an average car.”

In December, the Turkish central bank increased its policy rate by 250 basis points to 42.5 percent to curb the lira’s devaluation and tame the high inflation, which climbed to 64.77 percent in 2023.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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