Turkish goldsmiths are paying the price for the lira’s decline against the dollar


The profession of the jeweler is greatly affected by a decline The exchange rate of the Turkish lira against the US dollarSome jewelry store owners in Istanbul complain that the decline in the lira reflects the lack of demand for jewelry.

The Corona pandemic also has its role to curb The shopping movement In general, and especially on precious metals, as some traders indicated that the ban due to the virus will affect the purchasing power of citizens more, stressing that despite the decline in the value of the lira, there is a noticeable rise in its price now in front of American currency.

Markets are awaiting the results of the important decision taken by the Central Bank regarding the interest rate, as the pound remained at levels reached last week due to expectations of a sharp rise in interest rates.

And the pound recorded 7.73 against the dollar, compared with 7.7150 pounds at the close of last Tuesday, and it had previously declined to 7.76 pounds.

And after the central bank’s decision to raise the interest rate from 10.25% to 15%, the pound recorded a remarkable rise against the dollar, whose price fell directly from 7.71 pounds to 7.55 pounds, as a result of the decision to raise interest.


Please enter your comment!
Please enter your name here