This came after the exchange rate of the lira fell at the beginning of the week, reaching about 18 liras to the dollar, before Turkish President Recep Tayyip Erdogan made a speech on Monday, encouraging the currency to perform better in trading.
However, despite the gains made by the exchange rate of the Turkish lira against the dollar on Monday’s trading, the Turkish currency is still losing about 40% of its value against the dollar so far this year.
It is noteworthy that Turkey’s inflation rate reached an annual rate of 21% last November, and economists believe it may rise at a rate of up to 30% over the next six to nine months, while the Turkish Central Bank cut interest rates for the fourth consecutive month this week. In the past, central banks usually raised interest rates when inflation rose to prevent the economy from overheating.
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