Berat Albayrak, former Minister of Treasury and Finance and son-in-law of AKP President Recep Tayyip Erdoğan, started to implement a monetary policy contrary to the theory of “Interest is the reason, inflation is the result”, in line with Erdoğan’s directives.
Thereupon, the Turkish Money to usd suffered an unavoidable loss of value against foreign currencies.
The heavy depreciation of the dollar against the Turkish lira has reached an unstoppable point in recent months. Accordingly, 1 usd to lira rose from 9 lira to 18 lira in a month.
The ever-increasing cost of living has become a major social problem with the decline in the purchasing power of citizens.
The dollar fell sharply after AKP President Recep Tayyip Erdogan’s statement last night. The dollar, which was traded at 18 lira levels yesterday, close to the closing of the stock market, fell to 11.08 when the markets opened.
However, the new intervention against the dollar did not help. The dollar rate, which declined in the morning hours, rose to 14.37 levels after the markets opened.
Accordingly, the dollar has lost 4.94 percent of its value since the opening of the markets.
The reason for the process leading to the intervention in the evening was the exchange rate fluctuation during the day. Accordingly, the dollar broke a record and rose to the level of 18 lira. The dollar started the week with a high of 18.36.
The dollar, which fell to a record level after the intervention, fell to 13.05 against the Turkish Lira.
The dollar experienced the biggest depreciation in one day in the history of the free market, depreciating 17.72 percent during the day.
Accordingly, the biggest depreciation in the history of the free market was on February 22, 1991, minus 12.20 percent.
The dollar, which closed the week at a high level by cutting the stock markets, saw the highest peak of all time. Closing the day with 16.41, the highest level of the day was 17.16.
Even surpassing the record of the closed economy, the dollar (1 dollar 15 lira – 10 August 1970) made the Turkish Money to usd experience one of the darkest days in its history.
With the circuit cuts in the stock market, it started the day at 14.39 last week. The dollar continued to break a record by rising to the levels of 15.66 TL during the day.
Starting the day at 14.39 TL levels, the dollar tested the 14.87 TL level.