The Turkish Central Bank’s expectations for the exchange rate of the Turkish lira for the fourth quarter of 2022

The Central Bank of Turkey revealed its expectations for the exchange rate of the Turkish lira and the inflation rate until the end of the current year. As the Central Bank is expecting that the inflation volume in Turkey will reach 64.94% at the end of 2022.

The exchange rate of the Turkish lira against the US dollar

Further, the Central Bank raised its expectations for the exchange rates of the Turkish lira against the US dollar until the end of the current year from 18.89 to 18.99 Liras, with the interest rate remaining at 14%.

It is worth noting that the exchange rate of the lira reached 18.26 Lira against the dollar today, according to the sites concerned with exchange rates.

The exchange rate of the currency had risen to 16.03 last June after Turkey moved to strengthen the money by restricting lending in the lira to companies dealing in foreign currencies.

It was the latest in a series of moves aimed at boosting the lira after it slumped 44% last year following a series of interest rate cuts sought by President Recep Tayyip Erdogan’s Government.

Inflation Rate in Turkey

In addition, data showed that annual inflation jumped to 78.62٪ during the second quarter of 2022 due to the Russian invasion of Ukraine, the rise in commodity prices, and the depreciation of the lira.

Since the end of last year, inflation has been rising in Turkey in conjunction with the sharp decline in the lira at the time, after the Turkish Central Bank launched a decision to cut interest rates in the implementation of orders from the government.

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