Exchange Rates Maintain Record Streak

Exchange Rates Maintain Record Streak Exchange rates maintain their record streak. Accordingly, the US dollar continues to refresh its own records with 7.83, Euro 9.14 and GBP 10.10. The New Economy Program, in which the central budget rate for 2021 will be calculated and the 3-year economic road map will be determined by the Ministry of Treasury and Finance, will be announced on September 29 at 11 am. In the New Economy Program (YEP) to be announced by Turkey’s Minister of Treasury and Finance Berat Albayrak, the employment sector, which has serious disruptions due to the coronavirus epidemic, will be the topic to be monitored most closely, while the increase in the exchange rate increases import costs and suppresses inflation, inflation, current account balance and employment. It will be discussed as the most important issues. According to the latest data, inflation was 11.7 percent in August, while the last announced current account deficit in June was recorded as $ 2.93 billion. In countries where the epidemic process of implementation of the ban layoffs in healthy inability to calculate the unemployment rate continued this practice even though the unemployment rate in Turkey was 13.4 percent. The number of employed people decreased by 1 million 981 thousand people to 26 million 531 thousand people in June 2020 compared to the same month of the previous year, and the employment rate was recorded as 42.4 percent with a decrease of 4.0 points. While the increases in exchange rates continued to break records, the highest levels in the US dollar exchange rate was described as competitive, especially with the increase in the intermediate goods need, the costs are also rising. Today, the USD / TRY rate gained 2.10 percent to 7.8365, EUR / TRY increased by 2.60 percent to 9.15, GBP / TRY rose 3.5 percent to 10.10, setting a new record. The increase in the tension between Azerbaijan and Armenia was also effective in the acceleration of the current increase in exchange rates, which continued its record series as of the end of July.