After the Turkish Central Bank decided to cut interest rates for the third time in a row by 150 basis points to 10.5% this morning, Monday, November 7, 2022, the exchange rate of the Turkish Lira against the Saudi Riyal fell.
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.
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, November 7, 2022
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