ISTANBUL, Jan. 2 (Xinhua) -- The Turkish currency hit an all-time low against the U.S. dollar on Tuesday, trading at over 29.70 liras per dollar.
After seeing 29.77 at 12:58 p.m. local time (0958 GMT) against the greenback, the lira stood at 29.74, losing around 37 percent of its value since last year.
Alaattin Aktas, an economist, told Cumhuriyet Daily that the dollar exchange rate is expected to increase to around 40 liras per dollar in 2024.
"If the dollar exchange rate is adjusted according to the requirements of the economy, it will increase by the rate of inflation and reach around 40 liras," Aktas said.
Türkiye's inflation hit 61.98 percent in November. The Turkish Statistical Institute is expected to release the official inflation data for 2023 on Wednesday.
In December, the Turkish central bank increased its policy rate by 250 basis points to 42.5 percent to curb the lira's devaluation and tame the persistently high inflation. ■
