Real effective exchange rate rose in December after dropping to record low by

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I – CBT “nominal effective exchange rate, the country has a significant share in Turkey’s foreign trade by currency basket consisting of is the weighted average value. Weights are determined using bilateral trade flows. The real effective exchange rate is obtained by removing the relative price effects in the nominal effective exchange rate. The real effective rate, which indicates the value / price level of the local currency against the currencies traded as, rose to 62.34 in December.

Having seen the lowest level since the measurement date, at 60.45 in November, the real effective exchange rate rose to 62.34 in December. The indicator first fell to 62.51 in September 2018, with the tension with the US and the historical peak of exchange rates. In 2020, as the TL accelerated its depreciation as of August, the decline in the indicator accelerated and fell to the lowest levels with 60.63 in October and 60.45 in November.

The exchange rate, which declined after the decisions taken in November, continued to fall in December with both domestic support and the high risk appetite in global markets. The real effective exchange rate also rose to 62.34 in the last month.

Author: Necdet Erginsoy

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