4 currencies collapsed against the dollar .. Search for Erdogan and...

4 currencies collapsed against the dollar .. Search for Erdogan and...
4 currencies collapsed against the dollar .. Search for Erdogan and...
Over the course of the months of 2020, 4 different currencies collapsed against the dollar due to corruption, failed economic measures and disappointed political adventures, and these currencies combined two common denominators that were repeated in every country: Turkish President Recep Erdogan and the mullahs’ regime in Iran.

The currencies of the Turkish, Syrian and Lebanese lira, as well as the Iranian riyal, were the worst performers in the region against the dollar in 2020, with record declines exceeding 200%.

Lebanese pound – 290%

In Lebanon, search for the Hezbollah militia, the Iranian arm to spread unrest and chaos, sabotage the economy and thwart all plans for development and advancement in a number of countries in the Middle East.

The militia, which has formed a node in all initiatives to save the Lebanese economy for many years, has been operating according to Tehran’s agenda, which aimed to keep the country in turmoil so that it could turn it into a backyard for the mullahs’ regime.

Despite the many political components that Lebanon enjoys, some of which are friends with the United States and the West, attempts to pull the economy out of its stalemate have failed due to Hezbollah’s keenness to create secret corrupt corridors to help the Iranians circumvent US sanctions.

However, the indebted country did not bear those failed adventures, and it ended up in a complete economic explosion in parallel with widespread civil unrest amid a state of “state failure”.

Despite its steadfastness for more than 22 years at a unified rate against the dollar since 1997, the Lebanese pound has started a journey of rapid collapse since the end of 2019 from the level of 1507 pounds to the dollar.

According to the Lyra REIT website, which monitors the price of the Lebanese pound against the dollar on the black market, the price of the dollar against the pound jumped from 2,120 pounds in January 2020 to 8,275 pounds on September 27, 2020.

This means that the Lebanese pound fell against the dollar by 290% in 2020.

Syrian pound – 156%

Syria wagered on Iran a lot, but it did not bear the economic price of this bet, just as Erdogan’s tampering in many parts of the country and the continuous plunder of its oil wealth formed another sword in its side.

At the height of this difficult situation, last June the United States imposed new sanctions on Damascus under the name “Caesar Act,” which came to destroy the rest of the country’s economy.

Caesar was a terrifying nightmare for the Syrian economy even before its implementation, which pushed the Syrian pound to decline since last March.

The United States believes that the collapse of the Syrian pound proves that Iran is no longer able to support the Syrian regime, while the regime itself is no longer able to manage an effective economic policy.

According to “SB Today”, the price of the dollar (on the black market) against the Syrian pound jumped from 916 pounds in January 2020 to 2,350 pounds on 27 September.

This means that the Syrian pound fell against the dollar by 156% in 2020.

Iranian rial – 120%

For Iran, the year 2020 is the year of the “magic coup against the magician,” as Tehran has been messing about the economies of neighboring countries and using them as buffers for US sanctions and directing them according to its interests only.

But those maneuvers failed to counter the efficiency of the US sanctions that tightened their grip on the mullahs’ regime and forced it to take big steps back.

Days ago, Iranian President Hassan Rouhani admitted failure to cope with the impact of sanctions, and revealed that his country had incurred $ 150 billion in revenue losses since US President Donald withdrew in 2018 from the 2015 nuclear deal and re-imposed sanctions.

Thus, 2020 was the year of the record collapses of the Iranian riyal, in which the deteriorating situation reached a record low almost every hour on some days of the year.

According to Bonbast.com, which specializes in monitoring the exchange rate of the Iranian riyal against foreign currencies on the black market, the selling price of the dollar in Iran jumped from 133 thousand riyals to one dollar at the beginning of this year, to 292 thousand riyals on 27 September

This means that the Iranian riyal has fallen by about 120% against the dollar since the beginning of the year, striking all economic logic against the wall, confirming that the regime in Tehran is not worthy of the confidence of any investor or citizen.

Turkish lira – 29%

The same thing is happening in Turkey … Erdogan’s magic has turned against him, his regime and his men, who are holding on to the joints of the economy in a country that was once a magnet for foreign investors.

Now the Turkish lira has become a card that everyone seeks to get rid of, whether they are investors or citizens, after it became a symbol of a country that seeks to ruin the neighboring countries and the neighborhood through failed adventures.

An investor in Turkey cannot overlook the collapse of Turkey’s foreign reserves, the lack of independence in its central bank, or the future of its lackluster economy since it was thrown into the hands of Treasury Minister Albert Albayrak, Erdogan’s spoiled son-in-law, to tamper with it.

Likewise, it is impossible for someone to turn a blind eye to the enormous costs of Erdogan’s military and political adventures in Syria, Libya, the Mediterranean and other conflict zones.

All this was reflected in the Turkish lira, whose price fell against the dollar from 5.95 liras in January 2020 to 7.66 liras on September 25, 2020, according to the US Bloomberg Agency.

This means that the Turkish lira has fallen by nearly 29% against the dollar since the beginning of 2020.

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