Turkish lira hits a fresh record low of 31

Turkish lira hits a fresh record low of 31 against the dollar

Turkey's lira hit a new all-time low of 31 to the U.S. dollar on Wednesday, continuing a recent steady decline that has seen it shed some 40% of its value since the start of 2023.

The currency touched a record low of 31.0035, bringing its losses so far this year to nearly 5%.

The more conventional approach follows several years of unorthodox policy during which Ankara refused to tighten rates despite ballooning inflation, while Turkish President Recep Tayyip Erdogan routinely called interest rate rises “the mother of all evil.”
The lira’s weakening comes as Turkey’s top finance officials gather at J.P. Morgan’s Wall Street headquarters in New York for investor presentations focused on the country’s monetary policy, banking, assets, and financial markets.

and still has a bullish trend to record a new all-time high for this year near 35.000

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