• World - Europe
  • Updated: May 29, 2023

Turkish Lira Plunges To Record Lows Following Re-Election Of President Erdogan

The Turkish lira has experienced a significant decline, reaching record lows following the re-election of President Recep Tayyip Erdogan.

The drop in value reflects the lack of confidence currency markets have in Turkey's economic future under the continued leadership of the longtime president.

On Monday, the Turkish currency weakened to 20.01 against the dollar, a considerable decrease resulting from the high-stakes run-off that took place the previous day.

Interestingly, while the Turkish lira suffered, Turkish stocks saw a rise as President Erdogan entered his third decade in power.

The benchmark BIST-100 index experienced a 3.5 per cent increase, with the banking index rising over 1 per cent.

This divergence in performance suggests a complex situation in Turkey's financial landscape, with the currency facing significant challenges while the stock market demonstrates some resilience.

The weakening of the lira can be attributed to various factors, including Turkey's ongoing struggle with a cost of living crisis and depleted foreign reserves.

Additionally, the country's economy has been severely impacted by the devastating double earthquakes that struck in February.


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Quadri Adejumo
Quadri Adejumo

Quadri Adejumo covers World News, Health, Climate & Humanitarian.

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