During the day, the Turkish lira crossed the level of 33 to 1 dollar, although it later recovered slightly to 32.8 lira to 1 dollar.
In any case, the weakness shown by the Turkish lira is a source of concern for the Turkish elite, which is unable to cope with inflation.
The weakness of the lira also stems from a decrease in revenues from the tourism sector, which is significant for the Turkish economy.
In the Turkish leadership there was an expectation that the sharp interest rate increase (50%) would curb inflation and recover the lira, but in reality this did not happen.
Experts claim that this is due to the fact that with the interest rate increase, "speculative" investments in the financial sector flowed into the Turkish economy and not investments that create growth and employment in the industrial and agricultural sectors.