According to trading data, the dollar exchange rate against the Turkish lira has reached a historic high, exceeding the mark of 30 lira per dollar. Such a drop in the national currency happened for the first time in the country's history. In the year 2023, the Turkish lira fell by about 60% against the dollar, despite seven consecutive rate hikes by the Central Bank of Turkey. The first increase occurred in June, when the rate was raised from 8.5% to 15% per annum. By the end of 2023, the rate reached a new maximum in the last 20 years and amounted to 42.5%. The Turkish Central Bank has tightened monetary policy in the fight against high inflation, which reached 64.8% year-on-year in December 2023, compared with 62% in November. The tightening of monetary policy began after the appointment by Turkish President Erdogan of the new head of the Central Bank, Hafiz Gaye Ercan, who previously held senior positions at Goldman Sachs and First Republic banks.
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