Record Decline: The Turkish Lira Continues to Devalue

The lira continues to devalue. Currently, the exchange rate of Turkey's national currency stands at 23.65 lira to one dollar, according to stock market data.

The decline in the lira's exchange rate accelerated after the second round of presidential elections in the country.

Earlier, it was reported that inflation in Turkey in May 2023, according to official data, amounted to 0.04 percent on a monthly basis and 39.59 percent on an annual basis. Based on April's results, inflation was 43.68%, and in March, it reached 50.5%.

Turkey's new Minister of Finance and Treasury, Mehmet Simsek, previously stated that his main goal would be to achieve macro-financial stability and reduce inflation.