Turkish Lira Continues to Fall Against the US Dollar

Istanbul, Sept 29 (KUNA) -- Official data on Tuesday showed that the Turkish lira continued its decline against the US dollar, with the US currency reaching 49 lira, after it had traded at 48.98 lira at the close of trading yesterday. Turkish media reported that the lira’s depreciation comes amid the dollar’s strength in global markets. The Turkish lira has hit several low levels in 2025, driven by rising inflation and ongoing problems in Turkey’s financial market. Last March, the lira reached an all-time low as the dollar hit 44.1 lira, due to the repercussions of military operations between the United States and Israel on one side and Iran on the other, alongside a sharp rise in global oil prices. Turkish President Recep Tayyip Erdogan is scheduled to hold a meeting later today with his top economic advisors and heads of relevant institutions to discuss developments in the “investment funds” investigations. Following Monday’s government meeting, Erdogan affirmed that “the Turkish capital market is resilient, its foundations are solid, and it has sufficient capacity to overcome this challenge with ease,” adding that “anyone proven to be involved in activities that disrupt market balance through the funds will be held accountable before the law.” The Turkish currency faces significant challenges against global currencies, while the Central Bank of the Republic of Turkey is making substantial efforts to prevent a collapse of the lira. (End) T.A./F.S.