Expert: Turkish currency may fall to 1 USD/7 TRY rate
  • ANALYTICS

  • 11:11 07 May 2019

Expert: Turkish currency may fall to 1 USD/7 TRY rate

The abolition of the municipal election results in Turkey by the Supreme Electoral Council (YSK) will affect the country’s economy, Vugar Bayramov, an economist, told ONA.

The expert said the Turkish lira’s decrease against the dollar is expected to continue.

“If the relations between the election sides get strained, Turkish currency may soon fall to the 1 USD/7 TRY rate. It is expected that after the latest decision, the demand for the dollar in the fraternal country will increase sharply.”

“It is expected that not only investors but also the population will buy foreign currency more. The latest decision also psychologically affects the currency market, making the lira cheapen,” the expert said.

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