Turkish lira fell to record drop against dollar

NEWS DESK

Although Turkish President Recep Tayyip Erdogan, fearing a worsening economic crisis in the country, announced early elections ahead of schedule in more than a year and a half, and submitted to 24 June, but this did not prevent the Turkish lira from falling further.

The Turkish lira has lost about 16.5% since the beginning of the year, making it one of the worst performing emerging market currencies, the Turkish currency was negatively affected by concerns over the influence of President Recep Tayyip Erdogan on monetary policy.

The Turkish currency hit 4.5480 lira to the dollar by 06.28 GMT, after a new drop of 4.5693 lira.

Investors are waiting to see if the lira's fall will prompt the central bank to take early action and raise interest rates ahead of its next meeting scheduled in June 7.

Recep Tayyip Erdoğan's foreign policies through his intervention in neighboring countries have resulted in the continued repression of his opponents at home, the control of the media and his recent quest to impose his control over the economy, investors' fearing, leading to a decline in the Turkish lira and deterioration in the country's economy.

(H/S)

ANHA