The Turkish lira started the new year with a record fall against the Euro, which reached 9 liras against the Euro.
Data released by the Turkish Statistics Institute yesterday (Thursday) revealed that the country’s external trade deficit rose to 5 billion dollars in November, up 153.5% from the same month last year.
Turkish exports have fallen by a slight 0.9% year on year, to $16.1 billion a month. Imports jumped 15.9% to $21.1 billion.
In the first 11 months of the year, the trade deficit rose by 82.5% year on year to $45.3 billion.
The country’s exports since the beginning of 151.6 billion dollars, down 8.3%, while the total imports reached 197 billion dollars, up 3.5%.
That comes as economic experts expected in a poll held by Reuters that the annual inflation in Turkey is expected to reach 14.2% at the end of 2020. To exceed the government’s estimations after a strong weakness of confusion in most of the year.
Inflation remained around 12% in most of 2020, before rising unexpectedly above 14% in November after the lira, which fell in one stage, fell 30% against the dollar since the beginning of the year.
The lira recovered in November after the central bank indicated that it would target inflation more aggressively under the direction of its new governor, Naji Iqbal.
In a poll conducted by Reuters among 14 economic experts, the average annual inflation estimate in December was 14.20%, with estimates ranging between 13.70% and 15.27%.