Turkish Lira Continues to Decline, Approaching Historic Low

Today, the exchange rate of the Turkish lira has recorded a moderate decline against the dollar, approaching a historic low. This information is reported by RIA Novosti.

During the morning auction, the exchange rate of the Turkish currency decreased by 1 percent, reaching 13.83 lira at 10:15.

The Turkish currency, which was selling for 7.4 lira per dollar at the beginning of the year, has devalued by nearly 50 percent over the past year, reaching 13.9 lira, and on November 23, it fell by 16 percent. The sharp decline of the lira in a single day has marked the most significant drop in the last 20 years.

This decline occurred after the Central Bank of Turkey decided on November 18 to lower the benchmark interest rate from 16 percent to 15 percent, following which President Recep Tayyip Erdoğan stated in a televised address that reducing the benchmark rate would lead to a decrease in inflation.