The dollar exchange rate, which could only be kept at the level of 19-20 liras, by selling a total of $15 billion in reserves in the last few weeks, including $9 billion in the week before the election and $6 billion in the two weeks before the second round, officially exploded after the election.
Against the Turkish lira, which has depreciated by more than 15 percent since May 28, the dollar renewed its historical record yesterday, exceeding 23 liras and the euro over 25 liras.
While it is not known where the depreciation in TL will stop, the extent to which the increase in the exchange rate will reflect on inflation in the coming days raises concerns.
With the transition to the Presidential Government System as of 2018, the Turkish economy has not been able to straighten its back.
The AKP government, which introduced the opposition of "interest rate" to the public as "anti-interest", but also revived the interest holders by lowering interest rates in an inflationary environment, could not hold the dollar despite its suppression!
The dollar saw the highest level in history, 23.17 lira.
The Euro also reached the limit of 25 liras. While the gram of gold rose to 1460 liras with the increase in the dollar, quarter gold was traded at 2420 liras and Republic gold at 9960 liras.
EXCHANGE RATES INCREASED 7 PERCENT IN ONE DAY
In order to keep the exchange rate stable and to prevent dollarization, the Central Bank's dollar and gold reserves consumed billions of dollars, while the Currency Protected Deposit system put a heavy burden on the treasury.
For this reason, the net foreign exchange reserve of the Central Bank fell to negative. Despite all this futile effort, the dollar, which continued its post-election upward trend throughout the last week, completed the previous day at 21.5759 with an increase of 1.4 percent after rapidly exceeding the limit of 20 liras and then 21 liras.
The dollar, whose fever has risen since the night hours yesterday, rose to 23.17 liras with an increase of 7 percent in the morning hours after quickly exceeding the level of 22 liras. Similarly, the Euro increased by around 7 percent to 25.10 liras.