The Turkish currency, the lira, reached a new record low on Tuesday, dropping to less than 29.7 liras to the dollar. This decline is part of a series of losses that gained momentum towards the end of 2023, with the lira concluding the year down by approximately 37 percent.<\/p>\n\n\n\n
At 0754 GMT, the lira experienced a 0.6 percent drop, reaching a historic low of 29.7060 to the dollar.<\/p>\n\n\n\n
The significant depreciation of the lira has been observed since President Recep Tayyip Erdogan secured a new presidential term in May. During this period, the government underwent a notable shift in monetary policy, moving away from an unconventional low-interest-rate approach to adopting a policy of monetary tightening.<\/p>\n\n\n\n
The lira witnessed a sharp decline last summer when authorities eased their control over the currency. Although the rate of decline slowed in the fall, the currency’s recent drop to a new record low underscores the challenges facing the Turkish economy and the impact of policy shifts on investor confidence.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Turkish currency, the lira, reached a new record low on Tuesday, dropping to less than 29.7 liras to the dollar. This decline is part of a series of losses that gained momentum towards the end of 2023, with the lira concluding the year down by approximately 37 percent. At 0754 GMT, the lira experienced …<\/p>\n","protected":false},"author":9,"featured_media":70432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[8473,6987,8494,7095],"class_list":["post-94812","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-consumer-inflation","tag-inflation","tag-inflationary-pressures","tag-turkey"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/94812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=94812"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/94812\/revisions"}],"predecessor-version":[{"id":94813,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/94812\/revisions\/94813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/70432"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=94812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=94812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=94812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}