Turkey Exchange Rate

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Turkey: Turkish lira plummets in value, hits new all-time low

September 7, 2015

The Turkish lira’s (TRY) downward slide picked up pace in recent weeks, as the currency declined sharply against the U.S. dollar. On 4 September, the TRY reached a new all-time low against the greenback, ending the day at 3.01 TRY per USD. This was 8.1% weaker than the level observed on the same day of the previous month. On an annual basis, the Turkish lira lost 39.0% against the dollar. Since 4 September, the lira has hovered around its record low value, failing to gain ground in recent days.

The TRY’s weakening came on the back of rising uncertainty in Turkey. Scheduled early elections, rising violence in the country and the region, along with lackluster economic data and expectations of a tightening in U.S. monetary policy have all contributed to the lira’s depreciation.

FocusEconomics Consensus Forecast panelists expect the lira to trade at 2.83 TRY per USD at the end of 2015. For 2016, the panel sees the Turkish currency trading at 2.89 TRY per USD.


Author: Angela Bouzanis, Senior Economist

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Turkey Exchange Rate September 2015

Note: Daily spot exchange rate of Turkish lira (TRY) against U.S. dollar (USD).
Source: Thomson Reuters.


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