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The Turkish lira set a new anti-record

August, 23 2024
watermark Economic news

The Turkish lira fell to a historic low when the dollar-to-lira (USD/TRY) exchange rate on the international Forex market exceeded the 34 lira mark for the first time. 


At the moment, the exchange rate rose by 0.24%, reaching the level of 34.00025 lira. Over the past 12 months, the dollar has risen in price against the lira by about 25%.


At the beginning of the week, it became known that Turkish state-owned banks began actively selling dollars to support the exchange rate of the national currency against the background of the continuing fall of the lira. On Monday, August 19, they sold more than $500 million to meet domestic demand.


Despite these measures, at a meeting on Tuesday, August 20, the Central Bank of Turkey left the key rate at 50% per annum, which is the highest value in the last 20 years. This decision was made for the fifth time in a row. The bank plans to reduce inflation to 38% by the end of this year and to 14% by the end of 2025.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.