Economy in Turkey: US Dollar surpasses 30 TL, Euro exceeds 33 liras

The depreciation of the Turkish lira against the dollar and the euro continues, with the USD/TRY surpassing 30 and EUR/TRY exceeding 33.

Until the elections, the Central Bank’s (CB) backdoor sales and off-market regulations had suppressed foreign exchange rates. However, after the May 28 elections, these restrictions were lifted.

Before the elections, the USD/TRY, which was below 20, exceeded 23 just a week later. Stabilizing between 23.4 and 23.6 until the CB’s meeting on June 22, the USD/TRY increased again to surpass 25 due to insufficient interest rate hikes. Similarly, the EUR/TRY, which was below 21.5 before May 28, surpassed 25 about a week after the elections. Balancing between 25.6 and 25.8 until the interest rate decision in June, the exchange rate exceeded 27 after the decision. Foreign exchange rates, despite fluctuations, continue to rise.

Starting the day at 29.9810, the USD/TRY is currently trading at 30.0070 as of 10:55. The EUR/TRY, starting the day at 32.914, is currently at 33.06.