Following the Turkish Central Bank’s decision to lower the interest rate for the third consecutive time by 150 basis points to 10.5%, the Turkish Lira’s exchange rate versus the Saudi Riyal fell during the morning trading session on Friday, October 21, 2022.
Turkey is witnessing a decrease in the price of the Turkish lira against other currencies, such as the dollar, the Egyptian pound, and the Saudi riyal, while the Turkish government is working to restore the value of the lira, as the Turkish Central Bank announced the reduction of interest rates at 10. 5%levels, and Turkish President Recep Tayyip Erdogan put a program to support the lira Turkish.
. also read.
Turkish Lira to Saudi Riyal exchange rate as of today, October 20, 2022.
Re-purchase prices were decreased for a week as annual inflation rose beyond 83% in September, while central banks around the world raced to tighten policy in the opposite direction.
Following the news, the Turkish lira hit a record low against the dollar of 18,6150, and it has already lost 29% of its value this year and will drop by 44% in 2021.
After the interest rate was lowered, the Turkish lira’s value against the Saudi riyal today, Friday, October 21,
About Author
