Turkey’s lira has fallen to an all-time low against the US dollar, hitting 27.5155 per dollar on Tuesday before closing at 27.2176 Turkish liras per US dollar.
Turkey’s national currency has fallen to an all-time low against the US dollar on Tuesday, according to the latest trading data.
The Turkish lira indicator was trading at 27.5155 per dollar, marking its lowest-ever rate before closing at 27.2176 Turkish liras per US dollar.
It is worth noting that the Turkish lira has seen substantial cuts in value just after the results of the Turkish elections were announced in late May this year.
This could be attributed to several variables including President Recep Tayyip Erdogan’s vast spending pledges, which he promised in case he emerged victorious.
Reportedly, Turkish President Recep Tayyip Erdogan began curring interest rates to keep investment cheaper and growth more possible, but after inflation started running wild by hitting an estimated 85% annual rate late last year, the President was keen on keeping interest rates low to attract more growth, marking another move, which has led to further depreciation of the Turkish lira.