Turkish Lira Hits All-time Low

USDTRY increased to an all-time high of 48.37. Over the past 4 weeks, US Dollar Turkish Lira gained 1.67%, and in the last 12 months, it increased 17.47%.

The Turkish lira weakened past 48 per US dollar in August, extending its gradual depreciation to a fresh record low and bringing year-to-date losses to about 17%. The currency has followed a gradual depreciation path as the Central Bank of Türkiye uses foreign-exchange interventions and other FX tools to contain excessive volatility and limit exchange-rate pass-through to inflation, allowing the lira to weaken while supporting the disinflation process. Annual consumer inflation eased to 31.75% in July from 32.11% in June, although the CBRT noted that leading indicators pointed to a temporary pickup in underlying inflation in July, keeping price pressures elevated. The CBRT also raised its end-2026 inflation forecast to 28% from 26% amid higher energy and food-price pressures. Meanwhile, the bank held its benchmark overnight lending rate at 37% for a fourth consecutive decision in July, maintaining its tight monetary policy stance.

USDTRY increased to an all-time high of 48.34. Over the past 4 weeks, US Dollar Turkish Lira gained 1.75%, and in the last 12 months, it increased 17.67%.