Exchange rate posts record decline with no signs of reversal
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The US dollar exchange rate against the Turkish lira continued to rise, hitting a fresh historic low, according to Turkish newspaper Sözcü.
There are currently no signs of the pressure on the lira easing.
The US dollar has reached a new historical level against the Turkish lira, with continued depreciation of the Turkish currency showing no signs of near-term reversal. Pressures on the lira reflect widespread uncertainty gripping Turkish financial markets.
The rise in the dollar's exchange rate directly impacts import prices and imported goods in Turkey, which will increase living costs and prices for the average consumer. The structural weakness of the lira without indicators of near-term stability means continued uncertainty for workers and companies in financial planning and pricing their products.
Mehmet Yılmaz