STORY: Turkish currency hits historic low against U.S. dollar
SHOOTING TIME: Jan. 11, 2024
DATELINE: Jan. 12, 2024
LENGTH: 00:01:10
LOCATION: ISTANBUL, Türkiye
CATEGORY: ECONOMY

SHOTLIST:
1. various of Istanbul city in Türkiye
2. various of exchange office
3. various of Turkish Central Bank, Turkish lira
4. various of people walking on street in Istanbul, Türkiye

STORYLINE:

The Turkish currency hit an all-time low against the U.S. dollar on Thursday, trading at over 30 liras per dollar.
   
One dollar was traded at 30.01 liras at 10:25 a.m. local time (0725 GMT). The Turkish currency has lost over 37 percent of its value since last year and depreciated by 1.6 percent against the dollar in the first 10 days of 2024.
   
Murat Sagman, an economist and portfolio manager, recalled that it was only in 2013 that a dollar was worth 2 liras.
   
Economist Duran Bulbul warned that the dollar exchange rate may move towards 40 liras soon, under such challenges as high inflation.
   
"The greenback will first smash the 30-lira threshold, then evolve towards 35 and then 40 liras," Bulbul was quoted by Milli Daily as saying.
   
In December, the Turkish central bank increased its policy rate by 250 basis points to 42.5 percent to curb the lira's devaluation and tame the high inflation, which climbed to 64.77 percent in 2023.

Xinhua News Agency correspondents reporting from Istanbul, Türkiye.
(XHTV)