Turkish lira at record lows against dollar, euro - Breaking The News

Turkish lira at record lows against dollar, euro

19 March

1 min read

EPA-EFE/ERDEM SAHIN

The Turkish lira slid on Wednesday landing at all-time lows against the United States dollar and the euro amid political turmoil in the country.

Earlier, Turkish police detained Istanbul Mayor Ekrem Imamoglu over a corruption probe. The arrest comes a few days ahead of his being named the Republican People's Party's (CHP) candidate for the 2028 presidential election. It also comes only a day after the mayor's diploma was annulled by Istanbul University, a move that blocks him from ever running for president under the country's laws. Imamoglu is seen as Turkish President Recep Tayyip Erdogan's main rival.

The dollar soared 5.60% against the Turkish lira at 8:32 am CET, selling at 38.75039. A minute later, the euro jumped 5.44% against the Turkish currency, going for 42.44358.

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