Exchange Rate of US Dollar Reaches 5 Turkish Lira

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The exchange rate of the US Dollar, which was around the level of 4.93 Turkish Lira early on August 1, exceeded 5 Turkish Lira at the evening hours.

The US Dollar/TRY parity, which fluctuated during the day, was 4.92 Turkish Lira when the markets closed.

In the international markets, the exchange rate of the US Dollar exceeded 5 TRY at 10 p.m. local time in Turkey, reaching an all-time high.

As of 10.25 a.m. today (August 2), the exchange rate of the US Dollar was 5.07 Turkish Lira.

The impact of US sanction on Turkey

The US Dollar exceeded 5 Turkish Lira after the US announced its decision to impose sanctions on Turkey.

Spokesperson for the White House Sarah Sanders has declared that the US will impose sanctions against Minister of Interior Süleyman Soylu and the Minister of Justice Abdülhamit Gül in the wake of Pastor Andrew Craig Brunson not being released.

Gül and Soylu have been mentioned in the sanctions due to their roles in the arrest of Brunson. The two ministers have been included within the scope of financial sanctions.

CLICK - Sanction by US Against Turkey's Minister of Justice, Minister of Interior

Inflation will be the second challenge

On August 3, the inflation rates in July 2018 will be announced, which will be the second challenge for the Turkish Lira against the US Dollar.

The Chair of the Central Bank Murat Çetinkaya also announced on July 31 that the Central Bank increased its inflation forecast from 8.4 percent to 13.4 percent. (HK/SD)