International News

The Turkish Currency Has Depreciated More Than 50% Against The U.S. Dollar

Author : Bozhou Marine

Update time : 2021-12-20 09:57:57

News on the evening of December 17th, Beijing time, after the interest rate cut, the Turkish lira continued to hit a historical low and once fell below the 17 mark. The Turkish Central Bank intervened in the foreign exchange market on the 17th. Then there was news that the Turkish authorities were considering alleviating bank capital tensions. According to the plan, the Turkish stock market plummeted, and the market-wide circuit breaker mechanism was triggered twice on the same day, and the stock market fell 7%; Turkey suspends trading in stocks, stock derivatives, and debt repurchase markets.

According to CCTV News, on the 17th local time, the exchange rate of the Turkish lira against the US dollar fell below the two round mark of 16 and 17, reaching a new low. The Central Bank of Turkey intervened in the foreign exchange market again on the same day, intervening in the foreign exchange market for the fifth time this month.
Prior to this, the Central Bank of Turkey intervened in the foreign exchange market four times on the 1st, 3rd, 10th, and 13th of this month.
After the intervention of the Central Bank of Turkey, the exchange rate of the Turkish lira against the U.S. dollar fell below 17. Since the beginning of this year, the Turkish lira has depreciated about 55% against the U.S. dollar.
CCTV News reported that on the 16th local time, the Central Bank of Turkey held a Monetary Policy Committee meeting and announced that it would lower the benchmark interest rate by 100 basis points to 14%. Since September this year, the Central Bank of Turkey has cut its benchmark interest rate by 500 basis points.
On the 16th local time, Turkish President Erdogan announced that the monthly min. wage in Turkey in 2022 will be 4,253 lire. Calculated in Turkish currency lira, Turkey’s monthly min. wage in 2022 has been raised by about 50% compared to the monthly min. wage in 2021.
In 2021, the monthly min. wage in Turkey is 2826 lire. Based on the exchange rate at the beginning of 2021, this is equivalent to approximately US$380. But now with the depreciation of the lira, 2826 lira is only equivalent to about 185 US dollars. In addition, Turkey's inflation rate also remains high. Turkey’s November Consumer Price Index (CPI) rose 21.31% from the same period last year.

www.bozhou-int.com

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