The lira oscillates today around 19.6 units per dollar, its worst historical value, saving a momentary drop from last Friday that reached similar values, and marking an accumulated loss of 1% since the beginning of the month.
The lira marked its lowest historical value against the dollar on Monday and the Istanbul Stock Exchange opened with losses of up to 3% due to the prospect that the election of the new president would be delayed until a second round on May 28, after that the current head of state, Recep Tayyip Erdogan, will win this Sunday but without an absolute majority.
The lira oscillates today around 19.6 units per dollar, its worst historical value, saving a momentary drop from last Friday that reached similar values, and marking an accumulated loss of 1% since the beginning of the month. It rose slightly against the euro, in reaction to the drop in the European currency against the American one.
Since last summer, the lira has gradually lost value against the dollar, with only minor fluctuations, and many Turkish analysts warn that the Turkish Central Bank keeps the exchange rate artificially stable through interventions and restrictions on foreign currency purchases by companies. .
In fact, in recent weeks, the exchange market in Istanbul’s Grand Bazaar began offering exchange rates that for the first time in decades differ from the official ones, with the lira up to 10 percent cheaper than at the bank.
The Istanbul Stock Exchange also started the day with an initial drop of 6%, but recovered slightly to 3% after the authorities halted trading to prevent a sell-off of shares, a mechanism the Stock Exchange has applied numerous times in the last year.
All in all, it still maintains values higher than at the beginning of the month, when it bottomed out after accumulating losses of 15% in three weeks.
Source: Ambito
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