Real effective exchange rate dropped to a 4-month low due to depreciation in TL By

© Reuters. – The real effective exchange rate obtained by clearing the relative price effects from the average of the currencies of 36 countries (the sum of developed and developing countries) with which Turkey is trading and showing the value of TL against the basket of these currencies, 62 in April, It dropped to 29.

According to CBRT data, this calculation saw the lowest level in the data history with 62.51 in September 2018 for the first time. Real effective exchange rate fell to its lowest level in this period when TL fell to a record low against foreign exchange.

This value, which was 72.96 before the pandemic, fell with the continued depreciation of the Turkish lira during the year and fell to 60.51 in November 2020, the lowest level in data measurement history.

The real effective exchange rate rose to 69.56 in February 2021, with the TL recovering close to 20% after the lowest level against foreign exchange in November. Real effective exchange rate, which decreased to 65.57 in March, decreased to 62.29 in April. The rapid increase in the exchange rate again was effective in this decline.

With the decrease in April, the real effective exchange rate declined to the lowest level after December.

Author: Necdet Erginsoy

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