The lira has fallen 28.8% against the dollar and 23.7% against the euro this year, extending the downward trend into 2020. Economists at Société Générale expect USD/TRY to rise to 22 by the end of 2023. TRY „The lira continues to face deeply negative real interest rates, a large current account deficit and geopolitical risk.” „We expect the TRY to gradually weaken to 19.00/USD by 23/01/2023 and 22.00/USD by the end of 2023 as the current political mix continues.” „General and presidential elections in June/July 2023 could mark a turning point for the currency as a new government is elected and monetary policy is changed.” „Higher interest rates could dampen growth and impact the lira.”