Turkish currency hits record low against dollar

The Turkish coin hit an all-time low against the US dollar trading at 30 liras per dollar.

Report informs via foreign media that Finance Minister Mehmet Simsek said the Turkish authorities do not set targets for the lira to dollar exchange rate, and the rate has been allowed to float freely.

Türkiye's central bank said in June that it would continue to gradually tighten monetary policy until the inflation outlook improves.

Annual inflation stood at 64.77% in December 2023, accelerating from 61.98% in November.

Meanwhile, according to the Independent Economists Group (ENAG), annual inflation in December amounted to 127.21%.