Will the dollar reach 40 lira? A statement from Citi
In a report published today, the US-based Citi Bank stated that the dollar/TL exchange rate is expected to exceed 40 lira as of December 31, 2024.
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US-based Citi Bank stated that as a result of the tightening policies implemented for some time, Turkey will complete 2023 with a growth rate of 4.2 percent, while the growth expectation for 2024 will be 0.4 percent.
Although the Medium-Term Program (OVP), prepared through the joint efforts of the Ministry of Treasury and Finance and the Central Bank of the Republic of Turkey (TCMB), announced an inflation expectation of 33 percent for 2024, Citi stated that the CPI will rise to 62.7 percent next year.
Pointing to an average level of 35.93 for the dollar/TL in 2024, the financial firm reminded that the 40 lira threshold is expected to be exceeded for the dollar exchange rate as of December 31, 2024.
Stating that significant improvements in economic indicators could be experienced in Turkey as of 2025 if continuity is maintained in the economic policies currently being pursued, Citi underscored that inflation will decline to 27.7 percent in 2025 and the dollar exchange rate will reach the 41.59 TL level throughout the year.