How much has the lira lost in value since Nabati said it would hit bottom?

On December 17, 2021, when the Foreign Exchange Protected Deposit (KKM) system was announced, the dollar/TL rate, which decreased from 18 lira to 11 lira, started 2022 at levels of 13 lira and went from March to April to May in the range of 14.00 – 14.60.

Then the prevailing rate, which melted billions of dollars in reserves throughout the year, pegged it in the 18-19 lira range for a long time. Despite the extraordinary measures taken and the interventions in the free trade regime, by the year 2023, the TL dollar began to lose value again, days after the elections. On May 14, the day of the elections, the dollar was at the 19.60 level, gaining 16 percent since the second round of the presidential elections on May 28, breaking above the 23 lira level.

These developments in the foreign exchange market were announced last March.Alhamdulillah, we save the Turkish economyHe recalled the words of Nureddin Nebati, Minister of Finance, who said: “The Turkish lira is at its lowest level, there is still no place to go down, citizens must rest easy. On March 24, 2022, when Nabati said this, the exchange rate was 14.84, and today it has exceeded 23 lira. The Turkish lira has lost 64 percent of its value against the US dollar since Nabati said it had bottomed out.

Nabati had this to say about the exchange rate and TL:

PLEASE TRUST

March 19, 2022: Please trust our national currency. It’s over… Please remember that we are in a Turkey that looks to the future with confidence, where the risks are eliminated from now on with the Turkish economic model, the risks that were experienced at the beginning are now improved. Alhamdulillah, we saved the Turkish economy, which was stuck in a shallow area focused on interest and exchange rates.

WE INCREASE CONFIDENCE IN THE TURKISH LIRA

March 21, 2022: We have a problem with inflation. Don’t worry, we’ll get through it, we’ll get through it. We are increasing confidence in the Turkish lira. We got the Turkish economy out of the interest rate and exchange rate spiral.

THE TURKISH LIRA IS IN THE WEAKEST SITUATION

March 22, 2022: They are waiting, the dollar rate will be 20, 25, 30 lira. They are spreading it. Because? The Turkish lira is at its weakest point right now. There is no place for him to go. Rest in peace citizens. Why would an investor leave? In the worst case, the currency will remain stable.

STABLE EXCHANGE RATE

April 4, 2022: Inflation, interest and exchange rate, this is an important clamp. The first of these three areas was the stabilization of exchange rates. In Turkey, after many years, exchange rate stabilization was achieved at the exchange rate stabilization point.

EXCHANGE RATE UNDER CONTROL

April 15, 2022: We are not one to sweep problems under the rug. Exchange rates are under control, we will beat inflation. Trust the Turkish lira. Give up dealing with foreign currency and foreign currency loans. The exchange rate has stabilized.