The Turkish lira has experienced a significant decline, reaching an unprecedented low against the dollar, DW reports.
In a notable drop, the lira briefly hit a historic record low of 23.19 lira against the dollar, representing a decrease of approximately 7%. This decline stands as the largest since the notable "crash" that occurred in 2021.
Since the May 28 elections, which saw the re-election of Recep Tayyip Erdogan as Turkey's president, the lira has lost 13% of its value.
Furthermore, over the course of the past year, its value against the dollar has plummeted by more than 33%. This decline highlights the ongoing challenges faced by the Turkish currency and its diminishing value in the international financial markets.
Comments (0)