TRY, which lost 22.74% of its value against the USD in 2021 and became the world leader in the depreciation league, outperformed its closest rival, the Argentine peso, by 7 points.
Despite the increase in inflation, the sharp depreciation of the TRY accelerated as the Central Bank (CBRT) continued to cut interest rates.
Lira, which is the currency that lost the most value against the dollar in the world in 2021, is gradually widening the gap with its competitors. Since the beginning of the year, the TRY has been in the first place in the world in terms of depreciation against the US dollar, which has approached 23 percent.
Turkish lira is followed by the Argentine peso with a loss of 15.3%. Annual consumer inflation in Argentina reached 52.5% in September. Third on the list is the Chilean peso, with a loss of about 13%. Inflation in Chile rose to 5.3 percent in September.
The currency that gained the most value this year against the dollar is the Russian ruble. The ruble rose 5.25% against the dollar this year as the rise in energy prices rapidly increased Russia’s current account surplus and the Russian Central Bank’s rapid rate hikes to rein in inflation.