With the noticeable move to loosen government controls on foreign currency, combined with some uncertainty, the Turkish lira tumbled to record lows against the dollar, and one dollar skyrocketed to 23.22 on the evening of June 7. However, the rate had been just under 20 liras on the last working day before the election, while
The Turkish Lira (TRY) depreciated further against the US Dollar and reached the psychological limit of 18 liras, and closed the day at 17.92 just before the US Federal Reserve announced its interest rate decision on July 27. The last time the US Dollar TRY parity passed the 18 limit was on December 18 2021
High inflation and increasing poverty have become our most significant economic issues. Consumer inflation in June is 78.6 percent, food inflation is 93 percent, and producer inflation is 138.3 percent. The 2022 inflation rate under President Recep Tayyip Erdoğan’s rule has exceeded the inflation rate of former Prime Minister Bülent Ecevit’s term in 2001, which