Turkish Currency Falls Again and Hits Historical Low

The Turkish national currency has hit a historical low. As of today, the exchange rate stands at 32 lira per 1 dollar.

Analysts predict that the exchange rate may fall to as low as 37 lira.

On February 22, the Turkish regulator halted its key interest rate hike, which had begun in June 2023, keeping it at 45%. It is worth noting that, according to the Turkish Statistical Institute (TUIK), the annual inflation rate in the country reached 67.07% as of February (up from 64.86% in January).

Turkey's Finance Minister Mehmet Simsek has stated that the government expects to achieve price stability by 2026.