The Turkish lira hit fresh record lows of 32.4 per USD, before moving back to 32, as traders digest the election results and the economic outlook for the country. President Erdogan's AKP party suffered a significant defeat in the local elections, losing in major cities like Istanbul and Ankara. There were fears that this could lead to a shift from recent orthodox economic policies and a more loose fiscal policy, but President Erdogan accepted defeat and promised his efforts to rein in inflation would pay off this year. Also, the finance minister Simsek said the government "will prioritize savings by keeping public spending under control, in addition to tight monetary policy and selective credit policies". The annual inflation rate in Turkey rose to 68.5% in March, a fresh high since November 2022, but lower than market forecasts of 69.1%. To shield their savings from inflation, many Turks are turning to gold and other assets linked to the US dollar.
The USDTRY increased 0.0390 or 0.12% to 32.5770 on Friday April 26 from 32.5380 in the previous trading session. Historically, the Turkish Lira reached an all time high of 33.81 in April of 2024. Turkish Lira - data, forecasts, historical chart - was last updated on April 26 of 2024.
The USDTRY increased 0.0390 or 0.12% to 32.5770 on Friday April 26 from 32.5380 in the previous trading session. The Turkish Lira is expected to trade at 33.14 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 35.30 in 12 months time.