Turkish lira continues to fall (2024)

FAQs

Why does the Turkish lira keep falling? ›

Given the high level of imported inputs in production, the loss in the value of the Turkish lira meant increased production costs, which were quickly passed onto prices. Inflation spiraled out of control and by August 2022 hit 80 percent.

On a 5-year Turkish Lira price prediction, the agency is forecasting USD/TRY to trade between 95.00 and 100.00. Panda Forecast sees the Turkish Lira trading at 28 TRY per Dollar at the end of the year. This is one of the few bullish Turkish Lira forecasts for 2024.

The Turkish lira is the worst performer among emerging-market currencies tracked by Bloomberg this month, with a loss of about 3.6% against the dollar. It's down almost 9% in the year to date.

Timeline of events (2022)

4 July - Annual rate of inflation from June 2021 to June 2022 is reported to have reached 78.6%, with food prices doubling and transport costs increasing 123%. Since the beginning of the year, the Turkish lira has lost 20% of its value against the US dollar.

Practical tips for planning your budget

It is advisable to set a daily budget of 966 Turkish liras per day per person. This will allow you to stay in a hotel for two people, buy an average of two meals and buy a public transport ticket. The average cost of a meal in a good restaurant will cost you about 150 TRY.

After hitting a peak of 85% in October 2022, year-over-year inflation in Turkey fell sharply to just under 40% by the middle of 2023—but since then it's come back with a vengeance. Consumer prices surged 67% from a year ago in February.

Persistently high inflation has been fueled by Turkey's dramatically weakened currency, the lira, which is at a record low against the dollar. The lira was trading at 31.43 to the greenback around noon local time on Monday.

Turkish Lira is expected to rise by 22.74% against the US Dollar by the end of 2024, as the USD/TRY rate is expected to reach ₺ 40.00.

It's often a good idea to take a combination of Lira and euros in cash and currency on the Travelex Money Card. The Travelex Money Card is an easy way to convert pounds to Lira and euros. Depending on what currency is being used more you can easily top up your card with more currency on the go.

The beleaguered lira has fallen some 37% against the U.S. benchmark over the past year, as monetary policymakers try to combat double-digit inflation by steadily raising interest rates. Inflation in Turkey rose to 64.8% on an annual basis in December, up from 62% in November.

Is USD strong in Turkey? ›

US Dollar to Turkish Lira Exchange Rate is at a current level of 32.40, up from 32.33 the previous market day and up from 19.37 one year ago. This is a change of 0.24% from the previous market day and 67.25% from one year ago.

Journey's End: Overall, a trip to Turkey's cost depends on your travel style and preferences. Budget travelers might spend $50 to $100 per day, while a more luxurious trip could cost over $200 per day. Planning with all expenses in mind ensures a more enjoyable Turkish journey.

In its Turkish lira forecast for 2022, algorithm-based forecast website WalletInvestor saw the USD/TRY currency pair ending the year at the 18.992 mark. The website's Turkish lira forecast for 2023 saw the currency declining further against the US dollar, ending the year at a potential average of 22.901.

Real gross domestic product (GDP) growth averaged 5.4% between 2002 and 2022, resulting in income per capita (in real terms) that was more than doubled over the same period. Growth was accompanied by rapid poverty reduction; the poverty rate decreased by more than half from above 20% in 2007 to 7.6% in 2021.

You can buy Lira online and pick up your currency at one of our selected Asda stores with Click & Collect. It's simple, convenient and hassle-free.

In its Turkish lira forecast for 2022, algorithm-based forecast website WalletInvestor saw the USD/TRY currency pair ending the year at the 18.992 mark. The website's Turkish lira forecast for 2023 saw the currency declining further against the US dollar, ending the year at a potential average of 22.901.

US Dollar to Turkish Lira Exchange Rate is at a current level of 32.54, down from 32.60 the previous market day and up from 19.40 one year ago. This is a change of -0.20% from the previous market day and 67.70% from one year ago.

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