USD/TRY climbs to new all-time high near 20.25 – by pabspiovano USDTRY Türkiye Crosses Currencies
The lira has already depreciated nearly 8% this year.The Turkish lira remains in free-fall vs. the greenback and lifted USD/TRY advances for the third session in a row and flirts with the 20.25 region, as investors continue to assess Sunday’s win by President R. T. Erdogan in the second round of the general elections.
Extra weakness hitting the lira comes after President Erdogan promised to keep the current low-rate policy as the main tool to tackle the elevated inflation , in a context where the country’s FX reserves do everything but grow and the current account deficit flirts with its widest in the series history.
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