The Turkish lira traded around 8.1 per USD in mid-April, not far from a near all-time low of 8.5 hit at the end of March, ahead of the country's monetary policy meeting at which officials are seen leaving interest rates unchanged despite rising inflationary pressure. Data last week showed consumer price inflation rose to its highest level since mid-2019 and well above the central bank's target of 5%, keeping up pressure on new central bank governor Sahap Kavcioglu to maintain tight monetary policy. In March, the lira was hit by President Recep Tayyip Erdogan's shocking decision to sack Naci Agbal, the former central-bank governor. Investors now fear that a potential currency crisis could hurt Turkey's economic recovery and accelerate already rampant inflation.
Historically, the Turkish Lira reached an all time high of 8.58 in November of 2020. Turkish Lira - data, forecasts, historical chart - was last updated on April of 2021.
The Turkish Lira is expected to trade at 8.26 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 8.54 in 12 months time.