Turkish lira depreciates at record level

The Turkish lira exchange rate fell to another record during today's trading, crossing the mark of 33 liras per one US dollar.

On Tuesday, the Turkish national currency exchange rate reached 33.13 lira per dollar at auction. Records in Türkiye are set not only by the exchange rate of the lira, but also by inflation, which exceeds 75%.

According to market participants, the lira exchange rate may amount to 37.75 per dollar by the end of the year. At the same time, the Ministry of Finance promises a quick stabilization of the economic situation and a reduction in inflation by almost half by the end of the year. According to the Ministry's estimates, it may reduce from 75.4% in May to 38%. The discount rate in Türkiye has been at the highest level of 50% for several months, while in May 2023 it amounted to 8.5%.