Euro now exceeds 4 lira in Turkey

Baku. 10 January. REPORT.AZ/ The exchange rate of the euro reached historic high in Turkey. 

Report informs citing the Bloomberg, on January 10, the TRY/EUR exchange rate has risen to 4,0068.

Also, the dollar set a new record at 3.7780 TRY/USD.

Analysts say the sharp rise in the dollar and the euro in recent days associated with the political system disputes, geopolitical and security issues. Notably, Turkey will hold nationwide referendum in the first week of April regarding transition to the presidential system. Investors, in turn, believe that this decision is negative for financial markets. Notably, since the beginning of the year to US dollar increased by 7%, while the euro by 8% in Turkey.

Analytical Group of Report forecasts further depreciation of lira after the decision by new president of the United States from January 20 and expectations of a referendum in Turkey. In the first quarter of this year, lira will reach 4.00 TRY/USD, while the euro is expected to be higher than that.

The dollar / euro exchange rate is approaching parity in the first quarter of 2017 in global market.