Turkish lira becomes cheaper than hryvnia for the first time
Photo: EPA

On September 8, the official exchange rate of the Turkish lira in Ukraine became lower than the hryvnia for the first time. This was reported on the website of the National Bank of Ukraine.

One lira on Monday costs 99.91 kopecks, although 10 years ago the lira was 10 times more expensive than the hryvnia.

The modern Turkish lira was introduced in 2005 after a reform aimed at stabilizing the economic situation in Turkey. A denomination was carried out, in which 1 new lira was replaced by 1 million old lira.

After the re-election of President Recep Tayyip Erdogan in May 2023, the Turkish authorities abandoned their unorthodox low interest rate policy, returning to tight monetary policy and loosening exchange rate controls to cope with ultra-high inflation.

  • The Turkish currency exchange rate to the dollar is currently 41.2 USD/TRY.