Fall for the sixth day in a row: the Turkish lira is getting cheaper before our eyes

Falling for the sixth day in a row: the Turkish lira is getting cheaper before our eyes

The Turkish lira has been falling for the sixth day in a row, local publication Ahval published such data. According to its experts, the Turkish currency fell to 17.28 per dollar. In general, the value of the lira has decreased by 25% this year.

The July fall was the longest losing streak since mid-May, Turkish experts add. They also recalled that this year the lira has lost almost 25% of its value. Moreover, last year the Turkish currency fell by another 44%.

“Inflation in the country is 78.6%, which is the highest level since 1998,” Turkish experts added, traditionally criticizing the measures taken by Turkish President Recep Tayyip Erdogan. They also recalled that the Turkish president has fired three central bank governors since 2019. At the same time, Turkey has taken various measures to discourage companies and individuals from buying foreign currency. “Turkey has the highest inflation among emerging markets and industrialized countries. Interest rates in the country, net of inflation, are also the most negative in the world,” they add.

We add that according to official Turkish statistics, the situation with the lira exchange rate seriously affects tourism. Prices in hotels and restaurants rose by 80% compared to last year, ranking third in terms of overall inflation in Turkey. Such official data was provided by the Turkish Statistical Institute (TUIK), which announced the Consumer Price Index (CPI) data for June. According to Turkish statistics, transport, food and drinks, as well as prices in the tourism industry have risen the most during the year. in hotels and restaurants.

Thus, transport prices in June increased by 123.37% compared to the same month last year, their growth was 10.59% over the month. In second place is food – they showed an increase of 93.93% compared to last year. Hotels and restaurants are highly dependent on energy and food prices, so it's no surprise that they are the third-highest price riser. During the year, according to Turkish statistics, their prices increased by 79.55%. At the same time, prices rose by 5.42% over the month. Read the details at the link.

For those who care about a healthy lifestyle, we recommend reading: “A pill that breaks down 70% of alcohol in the body in an hour has gone on sale.”

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