Analyst Shulgin: Cuban peso and Turkish lira are outsider currencies of 2021
Photo: Alexandre Meneghini / Reuters
Mikhail Shulgin, head of the Otkritie Investments global research department, in an interview with the Prime agency, named the worst currencies of the year.
According to him, the Cuban peso, Libyan dinar and Turkish lira can rightfully be called outsider currencies. Thus, the Cuban peso fell by 96 percent against the dollar during the year. Cuba's economy continues to stagnate due to the coronavirus pandemic and numerous restrictions from the United States. In addition, the state is also suffering from high inflation.
The expert noted that the Libyan dinar has fallen in price against the dollar over the year by 71 percent. Libya's economy is affected by the unstable situation in the country and problems with the formation of a unified political system.
Also another outsider is the Turkish lira, which has depreciated 49 percent against the dollar this year. Shulgin believes that the reasons for this dynamics lie in Turkey's unusual monetary policy, which continues to cut the key rate amid high inflation.
Earlier, Shulgin said that since the 1970s, the most resilient currencies to devaluation were the Swiss franc, Japanese yen and Danish krone. According to the financier, the US dollar remains the dominant reserve currency. Since the early 1970s, the currency index against a basket of major currencies has rarely risen or fallen by more than 10 percent for the year.
