Turkey Exchange Rate February 2017

Turkey

Turkey: Lira tumbles in January

February 6, 2017

The Turkish lira (TRY) has weakened significantly in the past month. On 27 January, the currency closed the trading day at 3.88 TRY per USD. This was a 10.1% depreciation over the same day of the previous month and a 29.2% depreciation on a yearly basis. The currency has lost 9.9% of its value so far this year.

The weakening of the lira in the past month comes amid myriad domestic troubles. The currency tumbled after Fitch Ratings downgraded Turkey’s credit rating to “junk” grade last month, stripping the country of its last remaining investment grade status. The agency cited the unstable political and security environment as the main reason behind the revision. The currency has also suffered following the failed coup in July last year and President Recep Tayyip Erdogan’s push for more executive power.

FocusEconomics Consensus Forecast panelists expect the rand to end 2017 at 3.92 TRY per USD. In 2018, the panel sees the currency trading at 3.99 TRY per USD.


Author:, Senior Economist

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Turkey Exchange Rate February 2017

Note: Exchange rate, TRY per USD (eop).
Source: Thomson Reuters


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