Turkish lira depreciated at a record low level against the USD on November 11: hitting 9.91 liras against 1 dollar. After the Labor Department announced that US inflation rates hit 30 years high with 6.2, the currencies of emerging economies with high foreign debt depreciated against the USD.
“The US inflation data boosted the dollar as investors weighed a possible earlier policy tightening by the Federal Reserve. Rising U.S. rates tend to pull funds from emerging economies with high foreign debt, like that of Turkey,” Reuters reported.
The Turkish Central Bank has estimated the year and value of the USD as 9,22 liras. For further details: https://www.duvarenglish.com/turkish-lira-hits-new-record-low-nears-10-per-dollar-news-59488
President Tayyip Erdoğan has promised that Türkiye will emerge from the stock market/fund crisis “cleansed.”
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