The Turkish coin hit an all-time low against the U.S. dollar on Tuesday, January 2, trading at over 29.70 liras per dollar. After seeing 29.77 at 12:58 p.m. local time against the dollar, the lira stood at 29.74, losing around 37 percent of its value since last year.
Economist Alaattin Aktas said that the dollar exchange rate is expected to increase to around 40 liras per dollar in 2024: "If the dollar exchange rate is adjusted according to the requirements of the economy, it will increase by the rate of inflation and reach around 40 liras."
Turkey's inflation hit 61.98 percent in November. The Turkish Statistical Institute has since released the official inflation data for 2023.
Source: english.news.cn
