Following the Turkish Central Bank’s decision to lower the interest rate by 100 basis points to 13% in the morning trading session today, Friday, October 7, 2022, the exchange rate of the Turkish Lira against the Saudi Riyal stabilised.
The value of the Turkish lira is falling against other currencies in Turkey, including the US dollar, the Egyptian pound, and the Saudi riyal. The Turkish government is working to increase the lira’s value by lowering interest rates to 13%, and President Recep Tayyip Erdogan has established a programme to support the Turkish lira.
The Turkish Statistical Institute noted a 3.5% increase in consumer prices.
Consumer price inflation was anticipated to be 8.8% on a monthly basis and 84.6% on an annual basis, vs a Reuters poll prediction of 3.8%.
In September, the producer price index increased 4. 78% on a monthly basis and increased 151. 50% on an annual basis.
The exchange rate between the Turkish Lira and the Saudi Riyal as of today, October 7, 2022
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