The national currency of Turkey continues to fall

The Turkish Lira trade rate continues to decline. In early trading on Monday, it fell 6% to 17.38 lira per US dollar. The prior trading session closed at 16.41 lira per dollar. For comparison: in January of this year, the dollar was worth 7.4 lira. Thus, the fall in the country’s national currency has already exceeded 55%. Last Friday it was almost 9%. The reason for such a strong drop in the lira exchange rate was the decree of the country’s Central Bank. He cut the rate again by 1 percentage point. Now it is at the level of 14%. The regulator said in an announcement about the intention to conduct foreign exchange interventions. The Turkish President is putting constraints on the Central Bank. He is demanding a cut in the base rate, believing that this will help stem the rise in inflation. It is already expressed in two-digit numbers. The leaders of the opponent Turkish parties said that Erdogan was insufficiently incapable in the field of macroeconomics. They called for early elections for the head of state. Erdogan rejected this request. He announced that the presidential elections will be held on the previously set date.

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Arseny Kudrin

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