
US Dollar Reaches ₺33.15, Euro Climbs to ₺36 Amid Rising Geopolitical Tensions
As of 31 July 2024, the dollar has reached a new peak, trading at ₺33.15, while the euro has climbed to ₺36. The surge in exchange rates is largely driven by escalating geopolitical tensions, particularly following the assassination of Hamas leader Ismail Haniyeh in Tehran. This incident has heightened market uncertainties, leading to a sharp rise in demand for foreign currencies.
The Turkish government has expressed strong condemnation of the assassination, emphasizing that such actions could further destabilize the region. In a written statement, the Ministry of Foreign Affairs warned that the assassination might aim to expand the conflict in Gaza to a regional scale, thereby exacerbating the existing tensions. These developments have had an immediate impact on the currency markets, contributing to the Lira’s sharp depreciation.
On the economic front, Turkiye’s export figures for June, coinciding with the holiday, revealed an 8.3% decline, bringing the total to $19.05 billion. Imports also decreased by 8.4%, totaling $168.87 billion. However, the trade deficit widened by 10.8% in June, adding further strain to the economic landscape. Meanwhile, tourism revenue in the second quarter increased by 11.8%, reaching $14.87 billion, marking a new record for the period.
Source: NTV / Prepared by Irem Yildiz