Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Turkish President Recep Tayyip Erdogan: We have waited 60 years at the doorstep of the European Union. We are no longer waiting.
Al Mayadeen correspondent: One civilian martyred, another injured by Saudi Arabia's armed forces in Saada, Yemen.
The Turkish authorities have banned media from broadcasting at the scene of an attempted terrorist attack that hit the capital near Parliament earlier.
An explosion and gunfire heard in Turkey’s capital Ankara near the parliament and the ministries.
US House 45-day stopgap funding bill with no aid for Ukraine gets enough votes.
Armenia quickly denied the allegations of killing an Azerbaijani soldier, saying the claim its forces had opened fire on Azerbaijani positions "does not correspond to reality".
Azerbaijan says a soldier was killed by a sniper on the Armenian border.
White House: The US is monitoring a troubling Serbian military deployment along the border of Kosovo that is causing tensions.
White House: Serbia and Kosovo must fulfill their commitments and avoid taking any provocative steps.
White House spokesperson John Kirby urges Serbia to withdraw its forces from its borders with Kosovo.

In record low, Turkish lira devalues by 7%

  • By Al Mayadeen English
  • Source: Agencies
  • 7 Jun 2023 14:30
  • x

Ever since the reelection of President Erdogan on May 28, the lira has come under pressure.

  • A money exchanger counts Turkish lira banknotes at a currency exchange office in Istanbul, Turkey, Aug. 8, 2018 (AFP Photo)
    A money exchanger counts Turkish lira banknotes at a currency exchange office in Istanbul, Turkey, Aug. 8, 2018 (AFP)

Turkey's local currency plunged by 7%: marking the lira's sharpest daily devaluation since the economic crisis in 2021, as the newly-elected government seems to lose the capacity at stabilizing the currency as it shifts in favor of conventional fiscal policies. 

Ever since the reelection of President Erdogan on May 28, the lira has come under pressure. So far this year, the lira has lost more than 19% of its value. 

Last week, Mehmet Simsek, former deputy prime minister, was named as finance minister. Simsek had said that the national economic policy needed to revert to rational grounds, after interest rates had been cut under the previous government: as spearheaded by former central bank governor Sahap Kavcioglu who is yet to be replaced. 

"We are seeing policy normalization play out, "I think we are seeing the impact of Simsek pushing [the Turkish central bank] for rational policy," said Tim Ash at BlueBay Asset Management.

In 2023, Turkish authorities directly interfered in foreign exchange markets, investing billions of dollars of reserves, to stabilize the lira. 

Bankers anticipate that the depreciation of the lira toward its real value will lead to improved market conditions. 

Related News

Bomb attack rocks Turkey's Ankara hours before gov. ends summer recess

UK set to move into Ukraine; Training camps, arms plants, navy vessels

"The lira is getting closer every day to a level that will not need to be defended with reserves. I expect losses to continue for a while," a forex trader said. 

Read more: Wall Street forecasts big rate hikes to Turkish Lira after elections

Recep Tayyip Erdogan was officially sworn in in early June as President of the Turkish Republic.

The inauguration took place in parliament where his supporters applauded and cheered for the country's longest-serving leader while opposition lawmakers remained seated and silent. 

"As president, I swear upon my honor and integrity, before the great Turkish nation ... to work with all my power to protect the existence and independence of the state ... and to fulfill my duty impartially," Erdogan said before lawmakers in parliament.

He also vowed not to lead the nation astray from the rule of law and safeguard the secular principles of the republic.

Read more: Erdogan appoints Ibrahim Kalin head of National Intelligence

  • Turkey
  • Turkish lira

Most Read

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
Zelensky joins Canadian Parliament’s ovation to WWII Nazi soldier

Zelensky joins Canadian Parliament’s ovation to WWII Nazi soldier

  • US & Canada
  • 25 Sep 2023
Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

  • Analysis
  • 30 Sep 2023
How Hezbollah Burnt the Naqab Forest, The Abbassiye Landing Operation

Al Mayadeen documentary: How Hezbollah burnt the IOF's Naqab Forest

  • MENA
  • 24 Sep 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
US President Joe Biden and Ukrainian President Volodymyr Zelensky
Europe

'Not 1 more cent': Americans are done with funding Ukraine's paychecks

baykar
MENA

Baykar to invest $100mln in three Ukrainian projects, CEO says

The new Iranian destroyer Sahand sails in Gulf waters, in Bandar Abbas, Iran, on December 1, 2018 (Iranian Army via AP)
MENA

Iran navy commander unveils plans for Antarctic permanent presence

The Capitol in Washington, Monday, Sept. 30, 2013, as the government teeters on the brink of a partial shutdown at midnight unless Congress can reach an agreement on funding. (AP)
US & Canada

US government hours from shutdown, funding chaos

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS