Economy in Turkey: Us Dollar and Euro hit record highs
Exchange rates started the new week with records, again. Dollar/TL exceeded 26 and Euro/TL exceeded 28.40 levels. The rise in the exchange rate exceeded 30 percent in the 1 month after the election.
After the last week marked by the interest rate decision, exchange rates entered the new week with a record freshening. Today, the dollar/ TL has seen 26.04 and the Euro/ TL has seen 28.40.
DAILY RISE IN EXCHANGE RATES EXCEED 3 PERCENT
The level of TL 1600 was also exceeded under the gram and the record was renewed.
The dollar/TL was at 23.50 before last week’s interest rate decision. The increase in the dollar exceeded 2.5 lira in just two trading days.
POST-ELECTION RISE ACCELERATES
The exchange rates, which were kept close to the horizontal level by depleting the CBRT reserves and borrowing from foreign countries before the elections, increased rapidly after the elections.
The dollar exchange rate, which was at the level of 18.73 at the beginning of the year, saw 19.60 TL before the election on May 14, and the level of 19.98 was seen before the second round on May 28.
The increase in the dollar has exceeded 7 liras since the beginning of the year and 6 liras after the elections. The proportional increase in the dollar exchange rate exceeded 30 percent for the period after the second round of the elections and 39 percent since the beginning of the year.
