16:23 - 25.06.2023

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June 25, Fineko/abc.az. The Turkish lira has lost more than 20% in price over the past month. In order to combat inflation, the Central Bank of Türkiye has raised the discount rate by 6.5 percentage points - from 8.5% to 15%, but so far volatility in both the currency and consumer markets remains.

Thus, Ankara is more aimed at the stability of the exchange rate in the medium- and long term than in the short term.

ABC.AZ reports that expert economist Vugar Bayramov stated about this.

He said that along with economic factors, political factors, as well as annual inflation rate reaching 50%, hinder the stabilization of the lira in the short term.

Another approach of the new Turkish cabinet also cannot prevent the lira from falling.

On the other hand, although the sharply changed messages of the new Turkish Finance Minister reduce volatility in financial markets, achieving stability is a step-by-step process and in this regard is based more on long-term goals than short-term ones.