The Turkish lira reaches a new low against the dollar

Economy & Aftermath

On Sep 29, 2020

Istanbul, (ST) – The Turkish lira touched a new record low against the dollar today.

Reuters reported that the Turkish lira reached a record low of 7, 8,450 against the dollar, retreating from a close of 7, 81 yesterday.

The Turkish lira has fallen by about 24 percent since the beginning of this year due to concerns about the depletion of Turkey’s foreign exchange reserves and negative interest rates.

The Turkish lira fell yesterday to 1.6 percent, the worst decline since last month, to become one of the worst performing currencies in the world.

The Turkish currency continues to deteriorate due to the deteriorating political and security conditions in the country as a result of the Erdogan regime’s policies and repressive measures that led to a decline in tourism and investments and a decrease in the country’s foreign exchange earnings.

Raghda Sawas

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