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01:27
Turks rush for USD as lira continues to depreciate amid high inflation
STORY: Turks rush for USD as lira continues to depreciate amid high inflation
SHOOTING DATE: earlier footage
DATELINE: March 8, 2024
LENGTH: 00:01:27
LOCATION: ISTANBUL, Türkiye
CATEGORY: ECONOMY
SHOTLIST:
1. various of Istanbul city
2. various of exchange office, clerk in exchange office
3. various of Turkish Central Bank, Turkish lira
4. various of Grand Bazaar, exchange office in Istanbul, Türkiye
STORYLINE:
The U.S. dollar's ascent against the Turkish lira continued on Thursday, leading to increased demand for the U.S. currency among Turkish citizens.
The dollar was trading at 31.85 liras at 2 p.m. local time (1100 GMT), showing a slight increase from Wednesday's closing rate of 31.79 liras.
In Istanbul's Grand Bazaar, an area teeming with currency exchange offices, the dollar briefly surpassed the 32-lira mark on Wednesday, prompting a surge in demand for the greenback.
Long lines have formed outside these exchange offices since Wednesday as people rush to acquire dollars in anticipation of further gains.
According to local media reports, the central bank held discussions with bank executives on Wednesday in an effort to stabilize the market.
The online news platform Para Analiz disclosed that the central bank cautioned banks against unwarranted foreign currency demand.
Türkiye has been grappling with high inflation rates, which hit 67.07 percent in February. Over the past year, the dollar's value against the lira has increased by 68 percent.
Xinhua News Agency correspondents reporting from Istanbul, Türkiye.
(XHTV)
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