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Turkish Lira Hits Historic Low as Dollar Reaches 36 Pounds

Turkish Lira Hits Historic Low Against US Dollar

On Monday, the Turkish currency, the lira, reached an unprecedented decline against the US dollar, surpassing the significant threshold of 36 lira per dollar for the first time in history.

Latest Exchange Rate Developments

The exchange rate of the dollar rose by 0.83%, reaching 36.0015 lira, as reported by trading sources.

Economic Context

This decline in the Turkish lira is attributed to ongoing inflationary pressures, as highlighted by data from the Turkish Institute of Statistics. The annual inflation rate in Turkey surged to 42.12% in January, exceeding analyst expectations of 41.25%.

The current economic environment underscores the significant challenges faced by the Turkish economy, particularly regarding currency stability and consumer purchasing power.

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