A record-breaking fall in the value of the Turkish lira in today’s transactions

According to the report of the correspondent of the international economy of Fars news agency, quoted by Reuters, in today’s transactions of the global currency market, the value of the Turkish lira fell by about 10% and reached 23.17 liras per dollar.

In fact, today is the worst trading day that the Turkish Lira has experienced in the last two years. With this account, the Turkish lira has lost 19% of its value since the beginning of this year, and since the victory of Recep Tayyip Erdogan as the president of this country, it has started a downward trend. Of course, the Turkish market is waiting for the election of the new governor of the country’s central bank.

Shahab Kafchioglu, the current head of the country’s central bank, was among those who followed Erdogan’s policy of lowering interest rates.

A few days ago, Mehmet Simsek, the former deputy prime minister of Turkey, was appointed as the country’s finance minister. He then announced that Turkey’s economic policies should return to the right and logical path.

Tim Ash, an expert at Bluebee Institute, says: I think we are witnessing the consequences of Simsek’s pressure on the central bank to return economic policies to a rational state.

For a long time, the Central Bank of Turkey has been trying to stabilize the value of the lira by using the country’s foreign exchange reserves, and in this way, it has brought billions of dollars of its assets into the market.

Experts believe that the value of lira will drop to 25 and even 28 lira against the dollar.

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