Exchange Rate in Turkey
Turkey - Exchange Rate
Turkish lira plunges in April on coronavirus fears
On 3 April, the Turkish lira traded at TRY 6.73 per USD. This marked a 9.3% depreciation from the same day a month prior. Moreover, the lira was down 16.4% year-on-year and 11.6% year-to-date.
The steep depreciation partly reflected a rush to safe-haven assets such as the U.S. dollar due to fears over the economic fallout of the Covid-19 pandemic on the fragile Turkish economy. The lira’s decline against the USD was, however, further intensified by country-specific factors, such as large private-sector external debt payments due over the next year relative to foreign exchange reserves—and a relatively high rate of dollarization of domestic deposits.
Going forward, the Turkish lira is expected to continue to depreciate against the USD this year amid risk aversion among investors and capital outflows due to external debt repayments and a twin deficit. Moreover, the Covid-19 pandemic will continue having a notable bearing on the lira’s fortunes, and depreciation pressures could intensify if Turkey’s exports suffer due to collapsing external demand.
FocusEconomics panelists are pessimistic on the lira’s outlook, with the panel forecasting the TRY to end 2020 at 6.81 per USD. For 2021, the lira is not expected to perform much better, ending the year at 7.13 per USD.
Turkey - Exchange Rate Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Exchange Rate (vs USD) | 2.92 | 3.53 | 3.79 | 5.29 | 5.95 |
Turkey Exchange Rate Chart
Source: Thomson Reuters.
Turkey Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 12.00 | -0.09 % | Dec 31 |
| Exchange Rate | 5.95 | -0.85 % | Jan 01 |
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Economic News
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Turkey: Inflation rises in June
July 3, 2020
Consumer prices rose 1.13% in June over the last month, coming in below May's 1.36% rise.
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Turkey: Manufacturing operating conditions improve in June
July 1, 2020
Operating conditions in the Turkish manufacturing sector improved in June for the first time in four months, with the Istanbul Chamber of Industry Turkey Purchasing Managers’ Index (PMI) rising to 53.9 from 40.9 in May.
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Turkey: Central Bank holds fire in June amid recovering economy and lira weakness
June 25, 2020
The Central Bank stood pat at its 25 June meeting and kept the one-week repo rate at 8.25%—the lowest level since before the country’s 2018 currency crisis.
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Turkey: Consumer confidence hits highest reading in over a year in June
June 22, 2020
Consumer confidence rose to 62.6 in June from May's 59.5.
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Turkey: External position continues to deteriorate in April due to Covid-19
June 12, 2020
Turkey’s current account deficit widened markedly from USD 0.5 billion in April 2019 to USD 5.1 billion in April 2020 (March 2020: USD -4.8 billion).
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