Turkish lira falls to record level again

The national currency of Turkiye has weakened to a record level of 18.44 Turkish lira per $1, reported from trading data released by Bloomberg.

Lira closed last week at 18.42 per $1.

On September 22, the Central Bank of Turkiye lowered the rate at weekly repo auctions (a short-term loan secured by securities) to 12%. This also contributes to the weakening of the national currency.

In early August, the Turkish Statistical Institute reported that the annual inflation rate in the country in July 2022 was 79.6%. This figure is the highest since 2002. According to Turkish President Tayyip Erdogan, inflation is currently the main problem of the republic. However, after a cabinet meeting in August, he assured citizens that the country’s government would be able to solve this problem.

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