The Turkish lira is stabilizing
News about the stability of the Turkish lira exchange rate and the growth of the economy by 7.6% in the second quarter...
Despite the growth of the Turkish lira by 7.6% during the second quarter of 2022, the exchange rate of the Turkish lira has undergone a slight change and the Central Bank has worked on adjusting the reserve requirements to enhance and support savings in the lira.
According to Bloomberg, on Wednesday morning, precisely at 11:45 pm Istanbul time, the Turkish lira was trading at the equivalent of 18.1927 per US dollar.
According to what was stated in the Official Gazette today, Wednesday, which includes a set of amendments, banks must maintain a certain rate when transferring from foreign currency accounts to accounts in Turkish lira, and the new amendments also included lenders who do not maintain a conversion rate of 10% for the accounts of both individuals and companies Under the new laws, they must leave an additional 5 percentage points of foreign currency in the central bank.
According to the data of the Turkish Statistics Authority, the Turkish economy witnessed a growth of 7.6% during the second quarter of 2022 compared to the same quarter of 2021, and these figures came in line with the expectations of economists last year, as the results of a survey conducted by Anatolia Agency in 2021 The Turkish economy will witness a growth of 7.3%, and this growth is expected to decline in the second half of the year due to the decline in domestic and external demand, which is due to the slowdown of Turkey's largest trading partner.
The strong performance of the Turkish economy:
Mr. Nuruddin Nebati, Turkish Minister of Treasury and Finance, commented on the evidence and statistics mentioned and stressed that the Turkish economy was in second place in the list of the largest growth among the countries of the Organization for Economic Cooperation and Development and the Group of 20 during the second quarter of 2022, as he stressed On the strength of the Turkish economy and its ability to maintain this steady growth for 5 consecutive quarters.
Vegetarian stated that the gains achieved by Turkey and the growth in the Turkish economy are positively reflected in various sectors such as production and export, and have also led to providing job opportunities for 900,000 people and reducing the unemployment rate by 10.3%, according to President Recep Tayyip Erdogan's plan, which aims to achieve growth in the country Providing employment and employment opportunities.
All of these figures come after the recovery and revival of the Turkish state from the Covid-19 pandemic, as the Turkish economy achieved a growth of 11.4%, which is the highest number reached in the past ten years.
