5 Worst Performing Currencies of 2023

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In this article, we discuss the 5 worst performing currencies of 2023. If you want to read about some more worst performing currencies, go directly to 15 Worst Performing Currencies of 2023

5. Turkish Lira

Price Against 1 USD on January 2, 2023: 18 

Price Against 1 USD on September 15, 2023: 26

Percentage Decline in Price in 2023: 44%

Turkish Lira is the official currency of Turkey, a country with roots in both Europe and Asia. Since it is an important global crossroads, the economic situation in Turkey has affected all neighboring economies. The prime factor behind the deviation has been the skyrocketing inflation. The annual inflation rate in the country accelerated for the second consecutive month to nearly 59% in August, up from around 48% in July, and surpassing market forecasts of near 56%. The central bank has raised key interest rates to combat this, resulting in further devaluation of the local currency. 

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