Currencies

The Turkish lira fell to a record low as incumbent Recep Tayyip Erdogan won the 2023 presidential election, extending his reign into his third decade in power.

May 29, 2023

1377

BofA Securities considers it to be a fair move to depreciate the lira by 15-25% in order to balance its long term and short terms financial accounts, regardless of who wins the May election.

March 31, 2023

1318

Turkey’s Central Bank again astonished global economists by sharply cutting its key interest rate to 13%: under 80% (a 24-year high) consumer inflation the lira broke all-time low and went into free fall.

August 19, 2022

1501

Turkish lira remains weaker against USD after the Turkish central bank decided to hold its key rate at 14%.

February 18, 2022

1950

On Thursday, the Turkish lira fell to an all-time low of around 11 per dollar, almost 9% below Friday's close, before reclaiming some losses ahead of a central bank meeting, which is expected to keep on with further rate cuts, despite currency devaluation and inflation of around 20%.

November 18, 2021

1831

The governor of the central bank of Turkey, apparently submitting to the orders of President Recep Tayyip Erdogan, who has unorthodox monetary views (if inflation gets higher, he wants the rate to be cut, according to his statements, while the classic economic theory says the opposite) cut the interest rate more than expected despite rising inflationary pressures and the continuing demise of Lira to an all-time low.

October 21, 2021

1905