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A historic deterioration of the Turkish currency … the dollar exceeds the 8-pound barrier, today, Monday, October 26, 2020 1:51 pm
The Turkish lira decreased this morning to 8.02 pounds against the US dollar, registering a new record low against the dollar.
The lira had declined by more than 2% a few days ago, after the Turkish central decision to keep the interest rate on repurchase for a week without change, to continue the continuous bleeding of losses due to fears about the depletion of foreign exchange reserves.
Turkey is suffering from a severe financial and monetary crisis, which pushed exchange rates to low levels in relation to the (lira), amid fluctuations in the abundance of foreign exchange in the official markets.
The Turks lost their confidence in the local currency, which prompted the erosion of their savings with the decline in exchange rates to unprecedented historical levels, which paves the way for the emergence of the black market for the currency, in search of the scarce dollar locally, with the dollar exceeding the barrier of 8 pounds.
The political turmoil negatively affected the local economy of Turkey, and caused the sharp collapse of the Turkish currency during the year 2020, between the spread of the Coronavirus (Covid 19) and the deterioration of political relations between Washington and Ankara, due to differences over Syria and Turkey’s purchase of the Russian S-400 missile defense system, in addition to To disagreements over Ankara’s interventions in the region.
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