Devaluation of TL against dollar in years and its impact on inflation

In recent years, while the Turkish economy has gone through difficult times, the Turkish Lira has also lost substantial value against foreign currencies.

This situation has undoubtedly been due to the wrong steps taken by the country’s administration as well as the developments in the world. One of these steps in question has been due to the misjudgment and practice of the management in the form of “inflation is the result of interest”.

Therefore, one of the biggest reasons for the high inflation that Turkey is currently experiencing is the depreciation of the Turkish lira against the dollar, and this is directly reflected in prices – not to forget foreign inputs are widely used in the production made in the country. Obviously, it should also be taken into account that products such as fuel oil and natural gas are also imported from abroad, and the increase in costs of said products is also negatively reflected on inflation.

Devaluation of TL against US dollar in years

In the shared picture, the depreciation of the Turkish lira against the dollar can also be seen as a graph on a year-by-year basis. It seems that this destructive inflation, which the people of this country have to endure, is destined to continue for a longer period of time.