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Turkish Finance Ministry: the lira will no longer decline

May, 20 2024
watermark Economic news

Turkish Finance Minister Mehmet Shimshek expressed confidence that the depreciation of the Turkish lira has stopped due to increased confidence in the currency. "The Turkish lira will no longer decrease in value. Trust in her has increased," Shimshek said on the TRT Haber TV channel.


According to him, Turkey's foreign trade deficit is decreasing, and there are no problems with financial sources. At the moment, there is a lot of foreign currency in Turkey, and the need for it is decreasing, as the country receives an excessive amount of currency, the minister added.


Shimshek also urged Turkish exporters not to worry, assuring that the authorities would continue to provide them with all possible support.


In March, the value of the Turkish lira against the dollar reached a historic low, exceeding the level of 32 liras per dollar for the first time. The lira is currently trading at 32.2 per dollar.


Annual inflation in Turkey accelerated to 69.80% in April from 68.5% in March, according to the country's Institute of Statistics (TUIK), which is the highest since November 2022, when inflation was 84.39%. The ENAG group of independent economists estimated annual inflation last month at 124.35%. Earlier, Mehmet Shimshek stated that the Turkish government plans to achieve price stability and single-digit inflation rates by 2026.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.