Turkish Lira Keeps Falling Amid Armenia-Azerbaijan Tensions

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The Turkish Lira is not far off from requiring 8 TRY for one dollar with the currency falling by some 35% against a weakening dollar which itself is losing ground to CNY. The Lira opened the way at 5.8 TRY per dollar, but following a 2020 in which Turkey has effectively declared they are a regional power, TRY has now dropped to 7.8 per dollar. If they were China, this would be good for them but as Turkey imports $5 billion more than it sells, everything is becoming more expensive in the country with inflation at close to 12%. There’s numerous bitcoin exchanges in Turkey which in combination handle about $100 million a day in trading volumes for this $700 billion GDP regional power. Turks are also generally wealthy with things like bitcoin a potential useful tool to escape some of the very high inflation that continues to persist. However,…

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