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The rate of the Turkish lira fell to a record low

Inexpensive monetary unit of Turkey can contribute to the development of the tourism sector of this country

The Turkish lira on November 21 had a record-breaking loss in value. In Ankara, key foreign currencies have risen to absolute highs for this country. The US dollar rate soared to 3.9776 Turkish lira, and the euro to 4.6474 TL (the daily decline in the value of the Turkish lira to the currency of 19 eurozone countries was 1.32%). The weakening of the monetary unit of Turkey opens an opportunity for Ankara to increase the use of the potential of the tourism industry. In particular, already against the background of the weakening of the Turkish lira, the tourist flow to Turkey from Russia increased this year to 2.5 million tourists, that is, more than 11 times compared to last year.

The Turkish lira became the record holder on November 21 for cheaper prices. Next to it, the devaluation is the South African rand, which lost 0.36% of its value overnight. And the largest increase to the euro was shown by the currency of South Korea – plus 0.32% per day.

Meanwhile, the cheapening of the Turkish lira makes Ankara look closely at energy contracts with Moscow: it is obvious that they are beneficial to both sides. 75% of energy consumption in Turkey is based on the import of energy products, the main of which is natural gas from Russia. For Ankara, therefore, it is interesting to develop the project “Turkish Stream” for the supply of raw materials from Russia along the bottom of the Black Sea. Trade turnover between the two countries for the period from January to September of this year increased by 35.8% compared to the same period last year and reached $ 15 billion. As Finance.Ru previously wrote, from November 1, Turkey resumes deliveries of tomatoes to the Russian market and will switch to settlements in rubles. Turkey also refuses the US dollar in its calculations with Iran.

The growth of the US dollar in Ankara puts the financial system of Turkey in front of uneasy tasks: Turkey has 46% of all issued foreign loan bonds in foreign currencies.