Friday, 16 June 2023
The Turkish Lira continues to fall after round two of the Turkish presidential elections on May 28, which was won by the incumbent President Recep Tayyip Erdoğan, Kibris Postasi reports.
Sterling purchased at 29.75 sold for 30.50 TL.
The Euro purchased at 25.40 sold at 26.40 TL and the US dollar purchased at 23.40 sold at 24.05 TL.
The pundits had predicted that the lira would continue to devalue following the presidential elections in Turkey.
Over the last month, the exchange rate rose by over four liras.
According to the Financial Times, Turkish President Erdoğan’s unorthodox policy of keeping interest rates low despite soaring inflation is unsustainable. Currently, inflation in Turkey is running at over 40 per cent.