Turkish Lira Reaches Record Low

The devaluation of Turkey's national currency, the lira, continues. Today, during morning trading, one US dollar has been sold for 19.02 lira. At noon on March 16, the dollar was sold for 18.99 lira.

In recent weeks, the exchange rate for one dollar has fluctuated between 18.80 and 18.88 lira. A new decline began on March 5. In 2021, the lira lost about one third of its value.

Experts attribute this to the Central Bank of Turkey's policies, which, under governmental pressure, continue to lower interest rates. President Recep Tayyip Erdoğan believes that high interest rates deprive the government of the ability to control inflation and curb the depreciation of the lira.

Inflation has become one of the most serious socio-economic issues in Turkey in 2022, leading to a sharp decline in the living standards of many residents and mass protests.

Erdoğan has assured that in 2023, the government will do everything it can to control inflation and improve the social situation.