Turkish Lira Drops to New Low
Posted on 06/07/2023
Turkey has had a tumultuous few years, with devastating earthquakes killing tens out thousands, a seizure of Canadian assets inside the country, and International Women’s Day protests months ago ending in pepper spray by riot police.
Now the currency inside the country, the lira, is falling swiftly again. At last count inflation in the country had improved to 39.6% as the country offered free fuel. It had been over 80%. Some see the move as a sign of progress, with Turkey potentially approaching a free market. For this to happen, devaluation is seen as the only way forward. That would mean a continuing drop in the value of the currency for a substantially long time.