Turkish Lira (TL) has touched a new low against US Dollar (USD) at 15.18 as of 16 December 2021.
It may be mentioned that TL has lost nearly 30% of its value against USD in November.
It crashed to 13.44 against USD on 23 November after Erdogan said there would be no turning back from his policies.
The plummeting value of the Lira is due to the country's economic policies and high inflation, which rose by over 20% since 2018.
Additionally, rising inflation also harmed TL despite the exchange rate depreciation, resulting in lower export prices.
Reliance On Imports
Turkey's economy is heavily dependent on imports for producing goods - from food items to textiles.
The soaring inflation, alongside TL's depreciating exchanges rate, has impacted people's income and purchas...
