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Türkiye Lira Flat after Overnight Tumble to Record Low of 19.8 vs Dollar

People walk near Galata Bridge as the sun sets behind Suleymaniye mosque, background right, in Istanbul, Turkey, Thursday, March 9, 2023. (AP)
People walk near Galata Bridge as the sun sets behind Suleymaniye mosque, background right, in Istanbul, Turkey, Thursday, March 9, 2023. (AP)
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Türkiye Lira Flat after Overnight Tumble to Record Low of 19.8 vs Dollar

People walk near Galata Bridge as the sun sets behind Suleymaniye mosque, background right, in Istanbul, Turkey, Thursday, March 9, 2023. (AP)
People walk near Galata Bridge as the sun sets behind Suleymaniye mosque, background right, in Istanbul, Turkey, Thursday, March 9, 2023. (AP)

Türkiye’s lira, which is prone to sharp swings before regular trading hours, was flat early on Friday, after dropping 4.25% to a record low of 19.80 against the dollar overnight.

The lira stood at 18.9575 at 0439 GMT, same as its closing level on Thursday. Overnight, it firmed up some 5.3% to 18.0030 before swinging in the other direction.

Economists are currently weighing the impact of the massive earthquake that hit Türkiye last month.

Presidential and parliamentary elections scheduled for May 14 are adding to uncertainty. They will determine whether Türkiye continues with unorthodox policies under President Recep Tayyip Erdogan or revert to orthodoxy as promised by the opposition.

The lira has been largely stable since August thanks to authorities' heavy hand in the forex market. The Turkish central banks' gross forex reserves declined by about $9.3 billion since the first quake hit in early February.

The currency lost some 30% of its value against the dollar last year due to concerns about monetary policy and the fallout from the war in Ukraine. It had shed some 44% in 2021.

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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)

Russia's inflation has reached 9.5% this year, according to new weekly data showing that the consumer price index rose by 0.33% in the week leading up to Dec. 23, the statistical agency Rosstat reported on Wednesday.

This data follows the central bank's unexpected decision last week to maintain its key interest rate at 21%. The regulator said recent tightening has created conditions conducive to reducing inflation towards its target of 4%.

The agency indicated that seasonally volatile prices for fruit and vegetables contributed significantly to the overall increase, with cucumber prices rising by 8.3% and tomato prices by 1.9% in just one week.

Among less seasonally sensitive foods, the price of eggs increased by 1.7%, and frozen fish by 1.4%. The central bank had initially estimated this year's inflation at a maximum of 8.5%.

The central bank's monetary policy department's head Andrei Gangan told the Interfax news agency on Dec. 24 that full-year inflation will be between 9.6% and 9.8%.

Inflationary expectations among households for the coming year also reached 13.9% in December, the highest level since the beginning of the year.

In a report on its inflationary expectations survey, the central bank said respondents were most concerned about rising prices for milk, dairy products, eggs, meat, and fish.

It also said respondents have begun to notice increases in the prices of home appliances and electronic devices.