Register
Demo
Contacts
 

Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

The Turkish lira has collapsed to a new historical low

December, 04 2023
watermark Economic news

The Turkish lira hit a new historic low at the start of trading on Monday. The dollar exchange rate against the Turkish lira (USD/TRY) jumped by 0.79%, reaching 29.1292 lira. This jump occurred at 2 a.m., but two minutes later the dollar fell to a level below 29 lira (28.9406).


The recovery of the Turkish currency was observed against the background of the publication of new data on inflation in Turkey. According to the state statistical agency, annual consumer price inflation in November was 61.98%, which is slightly better than the projected level of 62.6%. This is the highest figure in the last 11 months.


Monthly inflation also turned out to be better than forecasts, amounting to 3.28% against the expected 3.9% and 3.43% in October.


Despite this data, over the past 12 months, the dollar's exchange rate against the Turkish lira has increased by about 55%. Six consecutive interest rate hikes by the Central Bank of Turkey have failed to ease the pressure on the currency.



World-Class Trading Platform

Professional Customer Support

Best Execution

Logo

QUICK LINKS

+ 442 030 976 697
Contact Us
Feedback
twitter

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
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.
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.