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11 July – The lira dropped 2.5 percent to 4.82 per dollar, its weakest level since falling to an all-time low of 4.92 against the U.S. currency in May. The stock market in Istanbul dropped 5.2 percent to 91.290 points. Yields on government debt surged. [103] The next day, the lira touched an all-time low of 4.98 lira for a US dollar. [106]
The collapse of the Turkish lira spreads its toxic influence on the European and EM financial markets. The Turkish lira has lost 11% to 7.11 per dollar since the start of trading on Monday but ...
The Turkish lira continues to fall against the US dollar on Monday. Credit rating agencies S&P and Moody's both downgraded Turkey late Friday, stoking fears about the state of the Turkish economy.
A big fall in Turkey's lira is hardly rare these days, but the currency's precipitous 20% plunge over the last week is ramping up risks of a balance of payments crisis unless authorities can ...
Because of the chronic inflation experienced in Turkey from the 1970s through to the 1990s, the old lira experienced severe depreciation. Turkey has consistently had high inflation rates compared to developed countries: from an average of 9 lira per U.S. dollar in the late 1960s, the currency came to trade at approximately 1,650,000 lira per U.S. dollar in late 2001.
[158] [159] Energy subsidies amounted to 200 billion lira in 2021. [160] Up to 150kWh per month of free electricity is provided to two million poor families. [161] Fatih Birol, the head of the International Energy Agency said in 2019 that, because of its falling price, the focus should be on maximizing onshore wind power in Turkey. [162]
After periods of the lira pegged to sterling and the franc, a peg of TL 2.8 = US$1 was adopted in 1946 and maintained until 1960, when the currency was devalued to TL 9 = US$1. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the Turkish lira began to fall. The following are based on yearly averages: [6] [7]
Those gains were balanced by falling Asian stocks, particularly in Japan, to leave MSCI's world share index flat. [.EU] [.T] U.S. markets, which fell on Thursday, should see some relief later in ...