dollar Turkish lira rate
Trade Minister Ruhsar Pekcan has said that the Turkish Lira's devaluation against foreign currencies is to blame for the cause of the surge in baby food prices in Turkey.
Turkey's depletion of foreign exchange reserves and the fact that a majority of its forex reserves are swap lines has created mass distrust in the economy, Turkish Industry and Business Association (TÜSİAD) Chairman Simone Kaslowski said. Turkey needs to “ensure full market confidence” to attract long-term financing flows, Kaslowski said during a videoconference on Sept. 24.
The Turkish Lira observed a new low against the dollar on Sept. 23, trading for 7.684 liras against the greenback by 10 a.m. The lira observed a record low yesterday as well, dipping to 7.682 liras. Meanwhile, Turkish economist Uğur Gürses noted that the decline in exchange rates was triggered by a distrust for the economy.
The Turkish Lira continued plummet to record lows against G10 currencies on Sept. 21, trading for 7.59 liras on the dollar at opening. Meanwhile, the currency trades for 8.98 liras per euro and 9.81 liras per pound sterlin.
The Turkish Lira hovered near its historical low against the dollar on Aug. 31 as the Turkish statistical authority revealed a contraction of 9.9 percent in the economy. The currency has lost about 19% against the greenback this year.
The Turkish Central Bank on Aug. 20 kept its one-week repo rate – also known as the policy rate – constant at 8.25 percent, holding it unchanged for the third straight month. "The gradual normalization of pandemic-specific financial measures and recent tightening steps taken in liquidity management are judged to support macrofinancial stability," said the bank statement.
The Turkish Lira barely responded to news that President Recep Tayyip Erdoğan would announce "good news" on Aug. 21 that would propel the country into "a new era." The currency showed a mere 0.07 lira drop against the dollar as experts contemplate that the "good news" is a new energy source for Turkey in the Black Sea.
Turkey's Central Bank on Aug. 19 cut the overnight limit for interbank money loans in half in an attempt to improve liquidity. The Turkish Lira has tumbled to record lows against the dollar over the last month, proving Ankara's currency interventions futile.
Finance Minister Albayrak downplays lira’s sharp fall via asking ‘Are you getting your salaries in dollars?’
Treasury and Finance Minister Berat Albayrak has downplayed Turkish Lira's sharp fall via asking "Are you getting your salaries in dollars?" "First, let me ask you this; Are you getting your salaries in dollars? Do you owe money in dollars? Do you have any business in dollars?" Albayrak responded to a question on whether the people should be concerned on Aug. 12, prompting surprise on social media.
Turkey's banking authority lowered the mandated loan-to-assets ratio for deposit banks to 95 percent, formerly 100 percent. The relaxing of the stimulation policy follows record devaluation of the Turkish Lira against the dollar.
Turkey's lira hit a record low of 7.32 against the dollar after losing nearly 19 percent against the greenback so far this year, with growing concern that state efforts to stabilize the currency could fizzle and spark bigger problems for the country's economy.
Turkish Lira on Aug. 6 continued to weaken against dollar and was trading at a value of 7.28 per dollar at 5 p.m. local time. The lira is currently at its lowest level in almost three months. After the dramatic lira loss on Aug. 6, the Central Bank said that it was ready to use "all available instruments to reduce the excessive volatility in the markets," whereas the banking watchdog BDDK said it was easing limits on lira transactions with foreign lenders.
The Turkish Lira has devalued drastically against the dollar, reaching almost seven liras on the dollar. Ankara has invested almost $60 billion in currency interventions in 2020 to no avail, Financial Times reported on July 28.
The Turkish Lira has further weakened against the dollar, hitting its weakest level since a currency crisis in August 2018. The lira weakened to 7 against the dollar on May 4, after a long stand-off around that level.
Gold prices spiked April 13 as one gram of gold was priced at 367 Turkish Lira at the start of the day, and one ounce of gold was priced at 1686 lira.