The Turkish currency is experiencing tough times again. Its price hit a new all-time low of 31 liras for $1.
On February 21, the Turkish lira was trading at its lowest level of 31 against the US dollar. Later, the lira's exchange rate rose to 31.0095. To date, the dollar exchange rate against the Turkish currency has stayed at 31.0020 lire (adding 0.34% compared to the close price of the previous trading day).
Record inflation in the country contributes to the large-scale weakening of the Turkish currency. By the end of January 2024, the consumer price index in Turkey reached 64.86% year-on-year. In December 2023, this figure was 64.77%. At the same time, Turkish citizens estimated annual inflation at 96%. According to analysts, this is 1.5 times higher than official data on consumer price growth.
In February, analysts surveyed by the Central Bank of the Republic of Turkey predicted a decline in the lira by the end of 2024. According to a study conducted by experts and representatives of the real and financial sectors of the economy, by the end of this year, the lira will be trading at 40 per $1.
