TL knows no limits on depreciation

Hulia K. ORUÇOĞLU

The depreciation of the Turkish lira against the dollar is increasing day by day. As a result of the incorrect monetary policies implemented, the TL lost not only against the dollar and the euro, but also against currencies that we may have a hard time finding on the map. When 1 Georgian lari reached 8.69 lira and 1 Bulgarian lev at 12.87 lira due to the large depreciation of the TL, Turkey became a shopping paradise for neighboring countries. While the Bulgarians flocked to Edirne to buy medicine and their basic necessities, the Georgians began to meet all their needs in Artvin and Rize as the Georgian lari gained value against TL.

While 1 Azerbaijani manat rose to 13.75 TL, 1 Bosnia and Herzegovina mark started trading at 12.87 TL. With the increase of 1 Israeli new shekel to TL 6.49, the beaches of Turkey were flooded with Israeli tourists. 1 Tunisian Dinar is trading at TL 7.53 and Turkmenistan Manat is trading at TL 6.68.

1 CAYMAN DOLLAR 28 TL

TL losses were not limited to neighboring countries. The currency of the Cayman Islands, located in the Western Caribbean Sea southeast of the Gulf of Mexico, was 1 Cayman Islands Dollar 28.07 TL. While the Macau pataca began to find buyers at 2.90 lira, the Fijian dollar jumped to 10.51 lira.

The loss of LT in 5 years has reached 80%

– While Turkey experienced a new exchange rate shock after the elections, yesterday the dollar tested its new high at 23.56 lira. While the TL experienced a small devaluation of 7 percent against the dollar the day before, it has lost 16.8 percent since May 14, the first round of the presidential election. The depreciation of TL against the dollar since the beginning of the year has reached 20.5 percent. TL has lost more than 80 percent against the dollar in the last 5 years.