According to Standard & Poor’s rating agency, 1 dollar will be 40 Turkish liras in 2024
According to the international credit rating agency Standard & Poor’s (S&P) the USD/TRY exchange rate will reach 40 by 2024. Prior to the elections, the Turkish Central Bank (CB) had kept foreign exchange rates under pressure through backdoor sales and off-market regulations, but after the May 28 elections, the exchange rates were allowed to move freely.
Before the election, the USD/TRY had been trading below 20, but a week later, it had surpassed 23. Up until the CB’s meeting on June 22, the USD/TRY had stabilized between 23.4 and 23.6, but it started rising again, exceeding 25 due to insufficient interest rate increases.
Despite fluctuations, the USD/TRY continues to rise and is currently at the 28.4 level.
According to Bloomberg HT, S&P expects the USD/TRY to reach 40 by 2024.
The agency’s growth expectations are set at 3.5% for 2023 and 2.3% for 2024. Their average CPI (Consumer Price Index) predictions are 53% for 2023 and 48% for 2024.
