Last year Turkey central bank’s inflation rate was almost 5%. It failed to reach this level. The main reason was the COVID-19 pandemic, due to which all economic forecasts were doomed. During the pandemic, the Turkish government decided to lend businesses and consumers money below market interest rates. Thus, in 2020, inflation was 14.6%.

In 2021, the central bank sent an open letter to the government, insisting on proactive action and support from the government and society, important for economy to ensure that inflation can be reduced.

The central bank replies that these actions will contribute to more stable prices and will have a beneficial effect on Lira growth and its position in the global economy.

Currency exchange rate in Turkey - Exchange-turkey.com