The Turkish currency fell to the level of 33 liras per dollar

Turkish Lira hits record low: The dollar exchange rate exceeded 33 Turkish liras. At the auction on Tuesday, the maximum exchange rate was 33.13 lira per dollar.

The collapse of the lira began in May 2023 during the presidential and parliamentary elections. On the eve of the first round of presidential elections, which took place on May 14, the lira exchange rate was equal to 19.57 per dollar.

According to forecasts of market participants surveyed by the Turkish Central Bank in June, by the end of the year the exchange rate could reach 37.75 lira per dollar.

The Turkish authorities say they expect the economic situation to stabilize in the second half of the year. Finance Minister Mehmet Shimshek said that inflation will begin to decrease in June and by the end of the year it will fall to 38% from 75.4% in May.

Last June, the country's central Bank raised the discount rate from 8.5% to 15% for the first time in more than two years, after which it continued to increase it regularly. In March, the regulator left the rate unchanged at 50%.