The Turkish Lira Has Hit New Devaluation Records

Recently, the national currency of Turkey, the lira, has continued to hit new devaluation “records” against the US dollar, euro, and pound sterling.

In the Turkish foreign exchange market, as of October 28, the Turkish lira fell against the US dollar to a new record of 8.2388. For 1 euro, the exchange rate was set at 9.7015 Turkish lira. And for 1 pound sterling, the Turkish lira reached 10.7334 lira.

It should be noted that these results are a historical record for the devaluation of the Turkish currency. The devaluation of the lira was amplified by the boycott of Turkish goods by Saudi Arabia, Morocco, other Arab countries, and Armenia.

However, it should also be noted that the Turkish currency fell sharply immediately after Turkish President Recep Tayyip Erdogan insulted French President Emmanuel Macron and called for a boycott of French goods.


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