Lira Predicted to Fall Irrespective of Turkish Election Result

North Cyprus News - Turkish Lira

Wednesday, 3 May 2023

It has been speculated that the Turkish Lira will continue to devalue to a great extent after the Turkish presidential elections on May 14, irrespective of who wins, Yeniduzen reports.

The newspaper writes that citizens have flocked to banks to take out loans in Turkish Lira to invest in foreign currencies.

Some members of the banking sector, who spoke to Yeniduzen on condition of anonymity, because it is not permitted to make potentially influencing statements about the future of currencies, had said that some private banks have stopped or are about to stop giving loans over 100,000 TL. This is because reserves of Turkish Lira are facing risks.

The President of the Banks Association, Olgun Önal, while not confirming speculation that the value of  the lira will continue to fall, said that, “Turkish Lira interest rates are relatively higher compared to previous months“. He added that the banks were refraining from giving loans for speculation such as “TL cheque – deposit in foreign currency“.


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