The Turkish lira touched its lowest level ever – today, Monday – and fell to 29 liras per dollar, before slightly reducing its losses.
The lira has fallen by 35% since the beginning of the year until now, after the authorities relaxed their monitoring of exchange rates as part of a greater shift towards traditional policies.
Since the appointment of Hafiza Ghaya as the new governor of the Central Bank last June, the Turkish Central Bank has raised interest rates from 8.5% to 40%.
Official data showed that the annual inflation rate of consumer prices in Turkey rose to 61.98% last November, driven by a rise in food and transportation prices, which was slightly lower than expectations.
Meanwhile, official data today showed that the unemployment rate in Turkey declined by 0.5% on a monthly basis to record 8.5% last October, which is its lowest level in 10 years.
Data from the Turkish Statistical Institute reported that the labor force participation rate in the labor market Recorded a slight increase during Last October to reach 53.1% compared to 53.2% in the previous month.
According to the same data, the number of unemployed people throughout Turkey decreased to two million and 961 thousand people. The data indicated that the percentage of unemployed among males was 7% and 11.3% among females.
Unemployment, which was revised from 9.1% to 9% last September, has declined over the past four months.
The unemployment rate is at its lowest levels since November 2012 and has moved away from its highest levels in mid-2020, when it exceeded 14%.
