Sharp Drop in TRY Rate

Baku / 03.08.18 / Turan: On Thursday, August 2, the rate of the Turkish lira (TL, TRY) passed the psychological barrier - TRY 5 to USD 1 and continued falling.

By the end of trading on the currency exchange the rate was already TRY 5.08 per USD.

The day before, the TRY exchange rate was at the level of TRY 4.8 against the dollar.

The sharp drop in the rate occurred after the US imposed sanctions against the Turkish Ministers of Justice and Interior.

The reason for the sanctions was Ankara's refusal to release the US pastor Andrew Brunson accused by Ankara on charges of having links with Fethullah Gülen.

The pastor has lived in Turkey for more than 20 years and faces up to 35 years in prison, although there is no evidence of his guilt.

The fall of the TRY rate makes Turkey attractive for foreign tourists, who traditionally shop there.

Economic experts predict further decline in the TRY, which is primarily due to Erdogan's unpredictable economic policy and increased risks for foreign capital. The outflow of foreign investments from Turkey is another indicator of unfavorable economic prospects. -02D-

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