Following the Central Bank’s “Necessary steps will be taken” statement mid-week, the foreign currencies had fallen 8 to 10 kurus from the record highs.

But the rise of USD and Euro couldn’t be stopped. On the first trading day of the week, the USD was traded at 4.5277, the Pound at 6.0819 and the Euro at 5.3196 against the Lira.

The Central Bank issued a statement in the weekend and said, “The unhealthy price occurences in the markets are being closely monitored. Necessary steps will be taken, taking into account the effect of developmets on the outlook of inflation.”

As the June 24 elections draws near in Turkey, the signs in the economy continue to worsen. Interest rate of 10 year bonds has risen 11 base points to 15.17%, renewing a record. Last Monday the interest rate of 10 year bonds was at 13.83%, and by early 2018 it had been below 12%.