Turkish Lira Nears 8 to the Dollar, Is Turkey About to go Bitcoin?

turkish lira dollar price oct 25 2020

The Turkish Lira (TRY) has continued falling, down to 7.94 per dollar now and close to overtaking that resistance line of 8 TRY per USD. That’s the latest in a years long fall in value, with TRY’s price more than halved in just two years from 3.7 to the dollar as can be seen above. The country continues to suffer from high inflation at 12%, with interbank lending rates nearing 15% there. However government debt levels remain low at 33% of GDP with public debt being just 15% of GDP. Raising the question of what is going on here, and the answer appears to be somewhat obvious after looking at the data: The Turkish central bank balance sheet has been growing and very fast especially more recently but overall during the past decade. However this balance sheet amounts to “just” $140 billion out of a GDP of $700 billion, but…

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