Turkish currency hits new all-time low

Turkey's national currency set another historic low, exceeding the mark of 48 liras per $1 on Friday morning.

This was reported by the Sözcü television channel, citing trading data.

The lira's rate stood at 48.065 per $1. The increase compared with the previous day was 0.33%.

According to the television channel, despite periodic interventions by Turkey's Central Bank to protect the national currency, over the past year it has lost more than 17% of its value against the dollar. Among the reasons for the lira's weakening, experts cite the high level of inflation, rising prices, including for energy resources, and geopolitical risks in the Middle East.

According to forecasts by market participants surveyed by the Turkish Central Bank in August, by the end of this year the national currency's rate is expected to be at the level of 51.66 liras per $1.