Turkish Lira Begins to Rise After Sharp Decline

Starting from the morning of December 21, the Turkish lira has continued to increase following the sharp decline that occurred the previous day. According to trading data, the Turkish currency is currently strengthening by nearly 15%, rising to 11.37 lira per dollar.

The NTV television channel notes that this dynamic is registered against the backdrop of government promises to compensate depositors for the currency difference and encourage local businesses. It is important to note that the decline occurred after the Central Bank of Turkey decided to lower the benchmark interest rate from 16% to 15% on November 18. Following this decision, President Recep Tayyip Erdoğan delivered a televised address in favor of cutting the benchmark rate, arguing that it would lead to a decrease in inflation.