The Turkish lira continues to fall against foreign currencies. On the first day’s trading of the week, exchange rates broke another record. The US dollar was trading at 7.2997 TL, the euro at 8.6157 TL and the UK pound at 9.5693 TL.
Turkish Cypriot daily Kıbrıs Gazetesi writes: “Inflation rising with the loss of value of TL against foreign currencies and the declining purchasing power depending on it, have made our lives more and more difficult in Turkey and northern Cyprus.
“The excessive rise in exchange rates in the last two weeks, during which we are experiencing the most serious exchange rate shock since August 2018, made both experts and citizens live a nightmare.”
Economist Goksel Saidam told the newspaper that the only solution is to raise interest rates.