Turkish lira plummets as Erdogan begins new presidential term

Analysts speculate that the move signals a shift towards more conventional economic policy. For years, Erdogan has plummeted interest rates, leading to a historic drop in the value of the lira in 2021.

https://p.dw.com/p/4SJdz

Customers wait outside an exchange office. — The Turkish lira fell to a record low for the first time since the 2021 crisisImage: Serkan Senturk/ZUMA Press Wire/photo alliance

Turkey’s local currency dipped once again on Wednesday, briefly hitting an all-time low of 23.19 against the US Dollar.

The Turkish lira fell about 7%, recording its biggest sell-off since the historic 2021 slump attributed to President Recep Tayyip Erdogan’s unorthodox economic policies.

The massive drop came just a week after Erdogan was elected to a new term.

Source: DW

Lori

Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.

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