Turkish lira falls against US dollar amid high inflation

The Turkish lira is falling against the US dollar after inflation jumped to 69.97% in April; the Turkish national currency fell to 15.35 against the US dollar, Report informs via NTV.

Turkish Treasury and Finance Minister Nureddin Nebati said earlier that the government had ensured stability in the financial markets and brought the lira's exchange rate volatility against the dollar and the euro under control.

The Turkish lira in March was fixed in a narrow range between 14.5 and 14.9 per US dollar, but a noticeable decline began after the Turkish Statistics Institute announced the acceleration of annual inflation in the country in April to 69.97% from 61.14% a month earlier.

The Central Bank of Turkiye this year keeps the discount rate unchanged at 14%. Shortly after deciding to keep the rate at this level in April, the head of the regulator announced his expectations that inflation in the country would start to slow down after May. In April, the Central Bank raised its inflation forecast for the current year to 42.8% from the previous 23.2%.

On Wednesday, the US dollar is trading at 15.35 Turkish lira, and the euro at about 16.20 Turkish lira.