Politics

Turkish lira stabilizes at TRY12 per dollar

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The rate of the Turkish currency on Thursday does not experience strong fluctuations after a sharp fall on Tuesday, remaining at around TRY12 per dollar, as Report informs, this is evidenced by the auction data.

As of 16:30 Baku time, the Turkish currency rate was TRY11.93 per dollar. Earlier on Thursday, it fluctuated in a range of TRY11.9 to TRY12.1.

The Turkish currency has fallen in price by almost 40% over the year, and on Tuesday set a new anti-record, falling from TRY11.37 to TRY13.21 per dollar. Such a sharp drop per day is the maximum over the past 20 years. It happened after the Turkish central bank decided last Thursday to reduce the discount rate to 15% from 16%.

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