Maltese lira

The Turkish currency fell for the eighth consecutive day on June 1, down around 0.8 percent against the U.S. dollar to 2.68.

The Turkish Lira has fallen around 5 percent against the dollar since mid-May, amid rising uncertainties ahead of the general election on 7 June and a drop in the value of the euro amid the ongoing Greek crisis. 

As your friendly neighborhood economist, I get many questions on currencies. Where do I see the euro in a week or month? When would be a good time to exit the lira? As much as I believe in the age-old saying ?the customer is king,? I refuse to answer such queries.

Turkey?s economic growth will remain broadly unchanged at 3 percent in 2015 and 2016, significantly below the country?s long-term potential, said the European Bank for Reconstruction and Development (EBRD) in its latest Regional Economic Prospects report on May 14. 

The Turkish lira's fall to record lows has ramped up the cost of repaying predominantly dollar-denominated external debt while failing to deliver any boost to exports, which remain focused on Europe with its weak currency.

The Turkish Lira dropped to its lowest rate, 2.742, against the U.S. dollar on April 24, as the euro gained excessively.

The euro rose to 2.9 liras, nearly 1 percent in just one day. 

The dollar/Turkish Lira parity went above the 2.68 level at mid-week last week and it has shown a tendency to remain in the 2.75 lira band. The Central Bank had to make a written intervention in this situation and "challenged" that in its April 22 meeting; they would make a decision for deterrence from the dollar.

There is plot which aims to show the Turkish economy to be worse off than it actually is by exaggerating current developments, according to Customs Minister Nurettin Canikli. 

Turkey's embattled lira on April 15 tumbled to a new low in value against the dollar.
      
The lira broke above the psychologically important level of 2.7 to the dollar to trade at 2.703 to one dollar, a loss in value of 0.57 percent on the day.
      

The Turkish lira plumbed another record low against the dollar on April 14, as investors punished the currency on fears of rising political instability ahead of the June 7 parliamentary election.

The Turkish Lira weakened to a new record low, extending this year's losses to 12 percent, underperforming most of its emerging market rivals against a surging U.S. currency.