The Turkish Lira Has Fallen 36% Against The Dollar During The Year

The Turkish lira fell to its second lowest level in a year, with its total decline reaching 36% in 2023. The Turkish currency reached around 29.39 per US dollar, continuing its slow decline in the latter part of the year

The Central Bank of Turkey had approved raising the interest rate in November last year by five percentage points to reach 40%, which led to an increase in the cost of borrowing by about four times