Turkish lira continues decline, hitting record low against US dollar

Shafaq News / The Turkish lira extended its declines against the US dollar, reaching a historic low of 30.3 ₺ on Tuesday, after breaking the 30 ₺ threshold earlier this month.

The Turkish lira has depreciated by approximately 37% against the US dollar over the past year. Policymakers are attempting to combat record-high inflation by consistently raising interest rates.

Meanwhile, the US investment bank JPMorgan raised its year-end forecast for the exchange rate of the US dollar against the Turkish lira from 34 to 36. In a recent note, the bank stated that the value of the Turkish currency would depend on the commitment to the inflation reduction process, the pace of accumulation, and the size of international reserves.

As of now, the Turkish lira has depreciated by 0.2% against the US dollar, reaching around 30.3 ₺ per dollar.

Additionally, the Turkish currency has recorded a 0.2% decline against the euro, reaching approximately 33 ₺ per euro. Meanwhile, the price of gold is currently around 1976 ₺ per gram, representing a 0.5% increase.

On the other hand, the total debt of the Turkish government reached 6.7 trillion lira (227.4 billion dollars) at the end of 2023, according to official figures released on Monday.