The Turkish lira fell to a record level with the pressure of Corona



The Turkish lira fell 0.6% to 7.05 lira against the US dollar, the weakest level since August 2018, with economic repercussions for the spread of the emerging Corona virus in Turkey.

In previous trading this month, the exchange rate of the Turkish lira fell to less than seven pounds against the dollar, amid increasing pressure on the economy in light of the emerging Corona pandemic and fears of the collapse of the tourism season.

Turkey’s foreign exchange reserves have declined since the beginning of 2020. Total reserves, including gold, have fallen more than $ 17 billion this year, to less than $ 88 billion.

The head of the Turkish Shopping Centers Association said that there are plans for a gradual reopening of the centers as of May 11 at the request of retailers and the approval of an advisory board of the health authorities.

Turkey has closed shopping malls, schools, restaurants and cafes to curb the increase in cases of Covid-19 disease. However, some workplaces are still open, partial orders have been imposed to stay at home, borders have largely closed and slowed down internal movement.

Trade, spending, manufacturing and consumer confidence, which reached a record low this month, were confused as measures to contain the virus pushed the Turkish economy toward its second decline in less than two years.

Hussein Ellis, an official at the Council of Shopping Centers, said in an interview that the planned reopening of May 11 may initially exclude cinemas, stadiums and restaurants, as it will be difficult to adhere to the rules of social separation, until the government agrees.

He added that the worst affected cities such as Istanbul, the worst area in terms of the virus outbreak in Turkey, may likely remain closed for a longer period. He explained that all the malls around the country may reopen by June.


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