US-dollar rate in Turkey gets closer to record high

Baku. 27 October. REPORT.AZ/ The US-dollar rate in Turkey is nearing a record high of 3.94 TRY. 

Analytical Group of Report News Agency informs, the reason for the rapid increase in the US-dollar rate is the Central Bank of the Republic of Turkey (CBRT) has kept discount rate stable at yesterday's session and factors such as Turkey-US relations and Turkey-EU relations, especially political tensions with Germany.

No increase in discount rate in the background of high inflation leads to the gradual withdrawal of foreign portfolio investors from Turkish financial markets.

Notably, this morning US-dollar rate in the cash foreign exchange market of Turkey rose to 3.84 TRY. This is close to the level of 3,94 TRY/USD registered on January 10, 2017.

Notably, on September 12, US-dollar rate in Turkey has dropped to 3.38 TRY due to the decline in the dollar rate in the global market:"However, because of the above-mentioned reasons, the dollar has risen by about 14% in 1.5 months.The dollar can exceed 4 TRY/USD by this year end”.