Turkish lira falls to new lows
In 2021, the Turkish lira performed the worst among emerging market currencies.
The Turkish lira to the dollar has renewed its historical minimum, writes Bloomberg.
It is noted that at trading on Friday morning, December 3, the Turkish currency fell by 2% and amounted to 13.89 against the US dollar, which is an anti-record. After the regulator’s intervention in the market, it rolled back to 13.4.
Inflation in Turkey reached 21.3% in November against 19.9% in October. The rise in inflation is supported by energy resources and raw materials that have risen in price by a third year-on-year: prices for producers increased by 54.6%.
Economists say the figure does not fully account for the accelerated sale of the lira since late November, with December inflation expected to be much higher.
In addition, the lira has depreciated by 45% since the beginning of the year. In 2021, the Turkish lira performed the worst among emerging market currencies.
It was previously reported that the Turkish lira fell to 9.8 per dollar.