Turkish Lira Continues to Decline Against the US Dollar

The exchange rate of Turkey's national currency, the lira, continues to decline against the US dollar due to the coronavirus pandemic, setting new negative records.

According to Al Arabiya, the Turkish lira has recorded a 19 percent drop against the dollar since the beginning of the year. On Friday evening, one US dollar could be purchased for 7.17 liras.

Experts attribute the decline to high inflation, a shortfall in current account balances, and the Turkish government’s strategy to stimulate the economy by offering cheap loans.

It has been noted that Turkey hopes to stabilize the situation through the import of foreign currencies, which is planned to be achieved through exports and tourism. However, the coronavirus has severely impacted Turkey's tourism sector and disrupted international trade relations.