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Analyst Murat Tufan from the EKOTÜRK broadcaster commented that the dollar’s surge against the lira was anticipated, particularly after Turkey’s elections in May.
Source: https://themedialine.org/mideast-daily-news/turkish-lira-dips-to-record-low-against-us-dollar/
A teller holds Turkish lira banknotes at a currency exchange office, Istanbul, Aug. 13, 2018.
Source: https://www.al-monitor.com/originals/2023/10/turkeys-central-bank-hikes-interest-rates-35
Erdogan’s increasing interventions to stabilise the lira, and his insistence on ultra-low interest rates, have piled pressure on Turkey’s fiscal budget and financial sector.
Source: https://www.shorenewsnetwork.com/2023/05/29/analysis-investors-hopes-for-turkeys/
However, Erdogan’s unorthodox economic ideology led to an economic slowdown, skyrocketing and depreciation of the Turkish lira in recent years.
It is estimated that since Erdogan started his economic experiment several years ago, the central bank has spent well over $200 billion dollars trying to prop up the lira.
Source: https://www.chiangraitimes.com/business/inflation-battle-turkey-lifts-key-rate/
Now the problem is that Turkish companies are facing a mismatch between their debts and their revenue, because they borrowed in dollars while their customers pay them in lira.
Source: http://bangladeshchronicle.net/role-of-developmental-propaganda-in-politics/
The inflation of the Turkish lira also makes these products highly competitive.
Source: https://cyprus-mail.com/2023/09/17/cyprus-sees-tenfold-surge-in-imports-from-turkey/
The lira has lost over 70% of its value against the US dollar since the beginning of 2022 and has hit new record lows against the greenback since the start of March.
The markets’ trust in more conventional economics have put massive pressure on the lira.
Source: https://newsinfo.inquirer.net/1772213/erdogan-eyes-third-decade-of-rule-in-historic-runoff
Turkey’s lira wobbled near record lows against the dollar as President Tayyip Erdogan secured victory in the country’s presidential election on Sunday, extending his increasingly authoritarian rule into a third decade.
Source: https://cyprus-mail.com/2023/05/29/turkish-lira-teeters-near-record-low-as-erdogan-secures-victory/
Virtually no one in Lebanon has been spared from the two-pronged financial collapse of both the banking system and the local currency, the lira, which has lost 98 percent of its value since 2019.
Source: https://www.nytimes.com/2023/07/28/world/middleeast/lebanese-bank-depositors-robbery.html
“With limited FX reserves and massively negative real interest rates, the pressure on the lira is heavy.”
Source: https://cyprus-mail.com/2023/05/29/turkish-lira-teeters-near-record-low-as-erdogan-secures-victory/
Year-on-year inflation stood at 61 percent in November as President Recep Tayyip Erdogan has allowed the lira currency to weaken while promising that a new team of economists with Wall Street experience would tackle years of economic crisis.