Turkish lira hits new record low after Erdogan election victory

Following President Recep Tayyip Erdogan’s victory in the Sunday presidential election, the Turkish lira reached fresh record lows against the US dollar on Monday, further exacerbating the country’s economic challenges.

In early European trade, the lira weakened to 20.065 against the dollar, surpassing the previous record low set on Friday, CNN reported.

The currency has experienced a decline of approximately 7% since the beginning of the year and has lost over 90% of its value in the past decade.

Turkish lira hits new record low after Erdogan election victory
READ MORE: https://www.cnn.com/2023/05/29/economy/turkish-lira-erdogan-reelected/index.html

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