The economic model based on borca and consumption officially collapsed yesterday. The Turkish economy, which has been growing for years with infrastructure investments and debt money, has officially bottomed yesterday following the stagnation that has lived in recent years. TL, which is experiencing a new devaluation every day, fluctuated unprecedentedly during the day and experienced a depreciation of nearly 20 percent against the dollar and the euro. A few days ago he saw 5 liras and found 6.80 dollars and 7.60 euro. The volatility in the TL was officially reversed yesterday.
The depreciation of the Turkish lira does not slow down. The dollar, which started with a hard rise on the last trading day of the week, fluctuated in the broad band. Having seen the new summit with 6.25 lira in the morning session, the dollar went down to a level of 5.85. 6 pounds on the dollar again in the afternoon, after throwing tweet about US President Trump Turkey climbed up to 6.80. Similar movements were observed in Euro as well, while the Euro was above the historical summit of 7.78. The devaluation realized since the beginning of the year in the Turkish Lira was 80 percent.
US President Trump said on Twitter "TL rapidly lost value against our strong dollar, as for Turkey of customs duties on steel and aluminum just did not authorize the doubling. Customs taxes will be 20 percent in aluminum and 50 percent in steel. Our relationship with Turkey is not good at the moment," he said.