Facebook Twitter Instagram
    Wednesday, March 22
    Trending
    • Improving Market Sentiment Hinders Demand For US Dollar
    • Fears Of Bank Crisis In U.S. And Europe Rattles Asia FX
    • Bank Crisis Fears Are Hurting Asian Currencies While Safe Haven Assets Are Surging
    • Dogecoin Price Hits A Yearly Low Only To Recover Significantly, Bulls Rejoice Over Its Recovery
    • Uncertainty In Crypto Industry Due To US Regulators Forces Anchorage Digital To Announce Layoffs
    • Binance Engages In Buying And Selling Of Cryptocurrencies Using Their Cash Reserve
    • Kazakhstan Authorities Clamp Down On Illegal Crypto Activities
    • EUR/USD Bullish Trend: Pair Eyeing To Exceed March 7 High
    The Forex Founder
    • Home
    • News
    • Reviews
      • Broker Reviews
      • Exchange Reviews
    • Forex
    • Gold
    • Sliver
    • Bitcoin
    • Blockchain
    • Mining
    • Analysis
    • More
      • About Us
      • Write For Us
      • Disclaimer
    The Forex Founder
    You are at:Home » Turkish Lira Falls To 19 Against Dollar Price, Hits A Record Low

    Turkish Lira Falls To 19 Against Dollar Price, Hits A Record Low

    March 9, 2023Updated:March 11, 20234 Mins Read Cryptocurrency
    Share

    The Turkish lira has recorded a downtrend in its value in the Thursday trading session. The data shows that the value of the lira ended up falling to a low of 18.9620 against the greenback.

    The historical data shows that this is the record low level that the lira has hit compared to the greenback.

    The fall comes to the Turkish lira because of the uncalled-for disaster that hit Turkey in the month of February. The entire world was shaken when the breaking news was shown that Turkey had faced a massive earthquake.

    Due to the earthquake, the number of casualties rose to an unimaginable number. Unfortunately for Turkey, it ended up impacting the economy of the country which was already very down.

    More Uncertainty Due to Elections

    Another factor impacting the Turkish lira is also the electoral activities. As of now, parliamentary and presidential election campaigns are taking place in the country.

    The elections are scheduled to take place on May 14, 2023, in Turkey. Despite the elections coming near, the parties are not able to launch their election campaigns to their full potential.

    This is because the country is dealing with the aftereffects of the earthquakes that destroyed cities and buildings in a matter of minutes.

    According to the opposition, they want the elections to go on so they can prove they are right and de-seat Tayyip Erdogan.

    As claimed by the opposition, Erdogan has been running the country in unconventional ways. They want to change this for good and want to reinject the country with orthodoxy.

    Statement by the Turkish Treasury

    On Thursday, the Treasury of Turkey made a statement about the money they had borrowed. They revealed that they had borrowed funds in the form of a Eurobond issue.

    The funds they borrowed were worth $2.25 billion and they would mature by the end of 2029. They revealed that they were all set to more than double the funds they had borrowed from the markets.

    According to the Treasury, they were on the right track to increase the value to $5 billion in the ongoing year.

    Yield Percentage Offered to the Users

    The officials at the Turkish Treasury revealed that they had implemented a reduction in the yield for the investors. Previously, the yield was at 9.75% but they have reduced it by 0.25%.

    Following the reduction, the yield percentage for the Eurobonds has come down to 9.50%. The reduction was reportedly announced by the officials in January.

    The Treasury also provided the reason why they had to reduce the yields for the Eurobonds. They saw a tremendous amount of demand for the bonds, which was triple the size of the amount they had issued.

    Therefore, they had to reduce the yield percentage to accommodate as many requests as possible.

    Out of the total bonds issued, over 20% were bought by investors based in the United States. When it comes to investors from the United Kingdom, more than a third of the amount was issued.

    Lira Performance since August

    It was since August that the trading price of the lira had been stable and was doing well in the forex market. It was all thanks to the authorities in Turkey that had been micromanaging the forex market.

    It was due to their strong input and contribution to the forex market that the value of the lira was stable all this time.

    However, as the country faced a major earthquake at the beginning of February, its reserves started to shrink. From the first earthquake until now, the country’s overall reserves have declined tremendously.

    As reported, the reserves have lost more than $9 billion and things are still not looking well.

    In the year 2021, the value of the lira had fallen by 44% against the dollar and in the year 2022, the loss had shrunk to 30%.

    Disclaimer - The content on this website is not financial advice, where aggregated from other websites we have credited each author with a link to source content. Some of the posts (not all) on ForexFounder.com are guest posts or paid posts that are not written by ForexFounder.com authors and the views expressed in these types of posts do not reflect the views of ForexFounder.com. Post under the label Forex Cable are guest posts. We do not represent these services, brands and companies – meaning that any disputes you may have with brands or companies mentioned on our blog will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own.
    Previous ArticleWhat You Should Consider Before Choosing the Right Forex Technology Provider
    Next Article Constant Pressure From Bears On Bitcoin’s Price: A Drop Below $20,000 Is Yet Possible

    Related Posts

    Improving Market Sentiment Hinders Demand For US Dollar

    March 20, 2023

    Fears Of Bank Crisis In U.S. And Europe Rattles Asia FX

    March 19, 2023

    Bank Crisis Fears Are Hurting Asian Currencies While Safe Haven Assets Are Surging

    March 18, 2023

    Leave A Reply Cancel Reply

    Looking for something?

    Top 5 Cryptocurrencies

    Name Price24H (%)
    bitcoin
    Bitcoin (BTC)
    $28,606.00
    0.59%
    ethereum
    Ethereum (ETH)
    $1,793.31
    -1.12%
    tether
    Tether (USDT)
    $1.01
    -0.18%
    binancecoin
    BNB (BNB)
    $327.04
    -3.69%
    usd-coin
    USD Coin (USDC)
    $1.00
    -0.15%

    Don't Miss

    Improving Market Sentiment Hinders Demand For US Dollar

    Fears Of Bank Crisis In U.S. And Europe Rattles Asia FX

    Bank Crisis Fears Are Hurting Asian Currencies While Safe Haven Assets Are Surging

    Dogecoin Price Hits A Yearly Low Only To Recover Significantly, Bulls Rejoice Over Its Recovery

    Top Posts
    Forex Trading

    Improving Market Sentiment Hinders Demand For US Dollar

    March 20, 2023
    Forex Trading

    Fears Of Bank Crisis In U.S. And Europe Rattles Asia FX

    March 19, 2023
    Forex Trading

    Bank Crisis Fears Are Hurting Asian Currencies While Safe Haven Assets Are Surging

    March 18, 2023
    Cryptocurrency

    Dogecoin Price Hits A Yearly Low Only To Recover Significantly, Bulls Rejoice Over Its Recovery

    March 17, 2023
    Forex Founder
    Forex Founder

    Stock market, forex, crypto, finance and economy news

    Popular Posts

    Improving Market Sentiment Hinders Demand For US Dollar

    March 20, 2023

    Fears Of Bank Crisis In U.S. And Europe Rattles Asia FX

    March 19, 2023

    Bank Crisis Fears Are Hurting Asian Currencies While Safe Haven Assets Are Surging

    March 18, 2023
    Contact

    > Contact us on Telegram Click Here

    Disclaimer

    The content on this website is not financial advice, where aggregated from other websites we have credited each author with a link to source content. Some of the posts (not all) on ForexFounder.com are guest posts or paid posts that are not written by ForexFounder.com authors and the views expressed in these types of posts do not reflect the views of ForexFounder.com. We do not represent these services, brands and companies – meaning that any disputes you may have with brands or companies mentioned on our blog will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own.

    | All Rights Reserved 2023 | Designed by Forex Founder |
    • About Us
    • Privacy Policy
    • Disclaimer
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.