The USD/TRY exchange rate surged to a record high this week after the Central Bank of the Republic of Turkey (CBRT) slashed ...

Türkiye’s economy shows signs of stabilization with falling inflation and rising credit ratings, but structural weaknesses ...

Turkey's central bank on Thursday cut its key interest rate by three points points to 43%, returning down the path of ...

The record low for the Turkish lira comes after a week of heightened political tension, including the recent detention of opposition leaders and ongoing government crackdowns. According to financial ...

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At 0705 GMT, the lira stood at 6.0240 against the U.S. currency, compared with a close of 6.0315 on Monday. A currency crisis last year wiped nearly 30% off the lira's value against the dollar.

The cost of borrowing Turkish liras overnight in the offshore market jumped on Thursday before a long weekend as traders exited so-called carry positions amid a steady decline in the currency.

Foreign investor bullishness on the lira marks a reversal in fortunes for a currency that’s weakened against the dollar for each of the past 11 years, and is another 9% lower so far in 2024.