Turkish president: Lira to highly likely strengthen
22.11.2023 18:00
The fall of the Turkish lira has ended; there is a high probability of the currency strengthening against the dollar, Turkish President Recep Tayyip Erdogan said on November 22, reported from Turkish media.
"The program we are using to reduce inflation with a very high probability can lead to a real assessment of the value of the lira. Thus, the process of depreciation of the lira has ended, there is a high probability that the lira will strengthen,” he noted.
He said that the authorities are gaining the trust of investors by implementing constructive reforms and sound economic policies, which leads to an influx of liquidity and the real exchange rate of the lira.
"As a result, there will be reasonable growth (of the economy) and at the same time inflation will decrease,” Erdogan emphasized.
Since the beginning of this year, the Turkish currency has fallen in price for every month, with the exception of August. The lira fell the most in June - by almost a quarter, to 26 liras from 20.8 liras per dollar; in July the figure already exceeded the level of 27 liras. In early October, the Turkish lira reached a historical low against the dollar, reaching 28 liras per dollar for the first time.
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"The program we are using to reduce inflation with a very high probability can lead to a real assessment of the value of the lira. Thus, the process of depreciation of the lira has ended, there is a high probability that the lira will strengthen,” he noted.
He said that the authorities are gaining the trust of investors by implementing constructive reforms and sound economic policies, which leads to an influx of liquidity and the real exchange rate of the lira.
"As a result, there will be reasonable growth (of the economy) and at the same time inflation will decrease,” Erdogan emphasized.
Since the beginning of this year, the Turkish currency has fallen in price for every month, with the exception of August. The lira fell the most in June - by almost a quarter, to 26 liras from 20.8 liras per dollar; in July the figure already exceeded the level of 27 liras. In early October, the Turkish lira reached a historical low against the dollar, reaching 28 liras per dollar for the first time.
www.anews.az
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