Turkey's foreign exchange reserves decreased at a record pace in March.
Modern.az reports that "Bloomberg" published information about this.
According to the information, Turkey's foreign exchange reserves decreased by 43.4 billion dollars in March. This is considered the largest monthly decrease recorded in the history of observations.
It is reported that the reason for this was the massive withdrawal of assets from developing markets and the increasing pressure on the Turkish lira against the background of the war with Iran.
At the same time, Turkey's current account deficit also increased. Thus, the indicator increased from 7.3 billion dollars a month ago to 9.7 billion dollars.
The information notes that the increase in oil and gas prices seriously affected the Turkish economy. Against this background, some international banks have worsened their forecasts regarding the Turkish lira and the country's economy.
The Central Bank of Turkey kept the discount rate at 37 percent. Along with this, it actually tightened its monetary policy through more expensive lending at 40 percent.
In April, inflation in the country rose to 32.4 percent. Economists predict that inflation may increase further in the coming months.
