The Turkish lira returned to decline for the fourth consecutive session with the opening of the European markets for the session today, Thursday, December 30, the last technical sessions of the year, to lose about 3% against the US dollar and is trading at levels of 13.00 after declines of more than 5% yesterday, Wednesday, and after increases of more than 50% last week from the lowest The lira has historically leveled at the 18 levels to below the 10.50 levels.
This decline in the Turkish lira came with rising concerns in the markets about inflation and the monetary policy of the Central Bank of Turkey, after a document from the bank outlining the details of monetary policy for the next year showed that the bank would monitor the risks related to the foreign exchange market and do what is necessary to ensure smooth functioning and that the bank He has no obligation to any level of the exchange rate and he will not interfere in determining the exchange rate.
The paper issued by the Bank indicated that monetary policy makers are committed to a medium-term inflation target of 5%, despite the rise in inflation to more than 20% in the last reading, with expectations that it will reach more than 27% on the third reading of next January, the highest inflation reading. Since 2003.
Turkish President Recep Tayyip Erdogan announced his policy to boost production and exports last week with an incentive for savers and compensate for their losses that occurred due to any erosion in the value of the lira during the deposit period.
05/11/2024
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