Turkish Lira hits 30.5 against Pounds Sterling

The Turkish Lira continues it's downwards trends as it hit a new record against foreign currencies on Friday. 

The current trend follows the the just concluded Turkish presidential election won by the incumbent President Recep Tayyip Erdoğan.

As at on Friday morning, the Pound Sterling which was purchased at 29.75 was sold for 30.50 TL.

The Euro purchased at 25.40 sold at 26.40 TL and the US dollar purchased at 23.40 sold at 24.05 TL.

Pundits had predicted that the lira would continue to devalue following the presidential elections in Turkey.

Over the last month, the exchange rate has risen by over four liras.

According to the Financial Times, Turkish President Erdoğan’s policy of keeping interest rates low despite soaring inflation is unsustainable. Currently, inflation in Turkey is running at over 40 per cent.

LGC news