Turkish currency hits record high against US dollar amid high inflation

Istanbul [Turky], May 9 (ANI/Xinhua): The Turkish currency crossed a key threshold on Monday against the US dollar amid rising inflation rates. As of 2:10 p.m. (11:10 GMT), the dollar was trading at 15.03 Turkish liras, breaking above the resistance level of 15.00. The currency has lost almost 60% of its value against the greenback since 2021.

According to Yalcin Karatepe, a finance professor at Ankara University, Turkey’s central bank intervened to keep the lira below the 3 p.m. threshold but failed. The dollar has fluctuated in the narrow band of 14.50 to 15.00 lira over the past two months.

The further depreciation of the Turkish currency came after the country’s inflation rose to a monthly rate of 7.25% in April and 69.97% year-on-year, the highest in two decades. , mainly due to rising transport and food prices, according to Turkish statistics. revealed institute. Turkey’s economy has long suffered from a series of turbulences, including the conflict between Russia and Ukraine, which has driven up energy prices.

In February, the Turkish government announced new economic measures to ease the economic burden on Turkish citizens in the face of soaring living costs, including reducing the value added tax on basic groceries and granting credit support for businesses and exporters. He also raised the monthly minimum wage by 50% to 4,250 lira, but the measures failed to alleviate economic suffering. (ANI/Xinhua)

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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