The Turkish lira has fallen to a new historical low against the dollar, with an exchange rate of 35.9855 lira per dollar. Annual inflation in Turkey has decreased from 44.38% to 42.12%, but it remains above analysts’ expectations. At the beginning of 2023, the dollar was trading for about 18 lira. The Central Bank of Turkey has reduced the benchmark interest rate to 45% and announced similar reductions at future meetings. Monetary policy will be based on expected and actual inflation.
Turkish lira hits record low against the dollar.
