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 Thursday, October 27, 2022.
The value of the Turkish lira is falling against other currencies in Turkey, including the US dollar, the Egyptian pound, and the Saudi riyal. However, the Turkish government is working to increase the value of the lira by lowering interest rates to 10.5% levels and implementing a programme to support the Turkish currency.
150 basis points are cut from interest rates by Turkish Central.
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 monetary policy.
Turkish Lira to Saudi Riyal exchange rate as of today, October 27, 2022
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