Export attention! The lira lost 15% of its value in a day
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The depreciation is mainly due to the Fed's tightening of monetary policy, rising global interest rates and a lack of sufficient foreign exchange reserves.
The dollar hit a record low of 13.44 against the Turkish lira on Wednesday after Turkey's central bank cut interest rates after President Recep Tayyip Erdogan reaffirmed his commitment to low interest rates. By comparison, the lira traded at around 5.6 to the dollar at the same time in 2019 and 3.5 in mid-2017.
