2024-01-23T10:07:34+00:00
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/ The Turkish lira continued its decline against the US dollar, recording a record low on Tuesday, as it was traded at 30.3 against the US currency, after breaking the 30 barrier earlier this month.
The Turkish lira has fallen about 37% against the US dollar over the past year as policymakers try to combat record inflation by steadily raising interest rates.
Meanwhile, US investment bank JP Morgan raised its forecast for the dollar-to-Turkish lira exchange rate by the end of this year from 34 to 36. In a recent note, it noted that the value of the Turkish currency will depend on the commitment to the inflation reduction process and the pace and size of international reserves accumulation.
The lira and gold now, the Turkish lira has now declined against the dollar by 0.2% to about 30.3 liras per dollar.
While the Turkish currency is declining by about 0.2% to 33 liras per euro, a gram of gold is now trading at about 1976 liras per gram, up by about 0.5%.
On the other hand, the Turkish government’s total debt amounted to 6.7 trillion liras ($227.4 billion) at the end of 2023, according to official figures released on Monday.