Real Value of Turkish Lira at the Lowest Level of the Last 7 Months

Central Bank of the Republic of Turkey (CBRT) announced! CBRT announced the real effective exchange rate for Turkish Lira in August.

The real effective exchange rate, which shows the real value of the Turkish lira (TL), was recorded at 52.84 in August. After the announced figure, it was stated that the real effective exchange rate fell to the lowest level since January. The real effective exchange rate had fallen to a record low of 48.10 in December. According to a basket of currencies of countries that have a significant share in Turkey's foreign trade, the nominal effective exchange rate is calculated with the average value of the Turkish lira weighted by bilateral trade flows. The nominal effective exchange rate is then adjusted for relative price effects to arrive at the real effective exchange rate (RER). The RER is adjusted by CPI, PPI and unit labor costs and three different sub-indices are recorded. The CBRT takes the CPI-based RER into account for the inflation target. https://twitter.com/BloombergHT/status/1567114026013921285 Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!