According to Sada El-Balad English article published on April 5, 2023, the price of the Turkish lira fell to a new record, during Wednesday's trading to record its lowest level ever against the dollar during the past few moments.
The lira's historic decline comes hours after the release of inflation data in Türkiye, which fell by more than experts' expectations.
The lira recorded 19.26 against the US currency, after it was traded at 4.04 in 2018.
Experts expect the lira to witness further decline in the period following the upcoming elections during the month of May.
Data of the “Turkish Statistical Institute” showed that the inflation rate in consumer prices decreased to 50.51% during the month of March, on an annual basis.
Inflation in Türkiye peaked at 85% in October, before declining, supported by a baseline increase to 55.2% in February.
The inflation rate in Türkiye increased last March by 2.29% on a monthly basis.
The decline in inflation comes less than 45 days before the presidential and parliamentary elections scheduled for May 14.
The decline in the inflation rate came as a result of the low cost of energy imports in Türkiye, while Turkish President Recep Tayyip Erdogan was fighting inflation by cutting interest rates, a policy opposite to the policy of central banks in other countries.
