Turkish currency breaks anti-record, exceeding 33 liras per dollar

The national currency of Türkiye broke an anti-record, exceeding 33 Turkish liras per dollar. The maximum rate of the lira at auction on June 25 was 33.13 liras per dollar, Report informs referring to TASS.

The Turkish currency began to rapidly depreciate in May 2023, when presidential and parliamentary elections were held in the republic. Before the first round of presidential elections, held on May 14, the lira exchange rate was 19.57 to one dollar.

According to forecasts of market participants surveyed by the Turkish Central Bank in June, the exchange rate of the national currency by the end of the year is expected to be 37.75 Turkish liras per dollar.

Turkish authorities say that the situation in the Turkish economy will begin to stabilize in the second half of the year. The head of the Turkish Ministry of Finance, Mehmet Simsek, reported that the reduction in inflation will begin in June and by the end of the year it will drop to 38% from 75.4% in May.

In June last year, the Turkish Central Bank raised the discount rate for the first time in more than two years from 8.5% to 15%, after which it regularly revised it upward. Since March, the regulator has left it unchanged at 50%.