Turkish currency hits all-time low again

Shafaq news/ Turkey’s currency dropped to an all-time low against the dollar on Friday as the global recession created by the pandemic brings to the fore weaknesses in the country's economy.

The Turkish lira fell to 7.32 (3.5%) against the dollar despite the intervention of the Central Bank and the Banking Supervision Authority with measures to defend the currency.

Analysts have warned that Ankara is running out of options to deal with the continuing rise in economic inflation and imports.

Two years after the currency crisis led to an economic crisis and the absence of foreign investment, as the lira was close to half its value compared to the beginning of 2018.

With the currency’s record decline against the dollar and the euro, Turks are worried about their incomes and the purchasing power in a country accustomed to free trade and travel.

While Ankara was counting on a growth rate of 5% for the year 2020, the International Monetary Fund currently expects a contraction of GDP by 5% and unemployment by 17%.

In contrast to the economic numbers recorded by Turkey, experts expect that it will have no choice but to request the help of the International Monetary Fund.