Turkish Lira Continues to Decline

The national currency of Turkey, the Turkish lira, continues to depreciate. On the morning of March 29, 1 American dollar was equivalent to 8.05 Turkish lira, but during the day, a significant drop was recorded, and the exchange rate reached 8.17.

Factors contributing to the lira's depreciation include the overall decline in economic indicators, as well as issues in economic management. Following the dismissal of Central Bank Governor Naci Agbal and the appointment of Sahap Kavcioglu, the value of 1 American dollar rose from 7.20 to 8.50 lira.

As of March 26, the exchange rate stabilized slightly at 8.01, but since the beginning of the week, the depreciation of the Turkish lira has gained new momentum and continues to decline.