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Turkish lira hits record low against US dollar amid high inflation
12 May '22
1 min read
Pic: Shutterstock
Turkiye’s currency broke through a key threshold against the US dollar. A US dollar was recently traded at 15.03 Turkish liras, exceeding the resistance level of 15. The currency has lost almost 60 per cent of value against the greenback since 2021. The renewed currency depreciation followed a rise in inflation at a monthly rate of 7.25 per cent in April.
It was 69.97 per cent a year earlier, the highest in the last two decades, driven mainly by growing transportation and food prices, the Turkish statistical institute revealed.
A dollar was fluctuating in the narrow band of 14.50-15 liras for the last two months.
In February, the Turkish government announced new economic measures to ease the economic burden on Turkish citizens against the skyrocketing cost of living, including reducing the value-added tax on basic food products and giving credit support to businesses and exporters.
It also raised the monthly minimum wage by 50 per cent to 4,250 liras, but the measures fell short to alleviate the economic suffering, a news agency reported.
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