Turkish lira reaches new all-time low against dollar - Breaking The News

Turkish lira reaches new all-time low against dollar

22 May

1 min read

EPA-EFE/ERDEM SAHIN

The Turkish currency fell to a new all-time low compared to the dollar on Monday as the country braced for the runoff presidential election. Incumbent President Recep Tayyip Erdogan was in the lead after the first round ahead of opposition Republican People's Party's Kemal Kilicdaroglu. Erdogan vowed to continue with his unorthodox monetary policy if reelected after Turkey saw record inflation and a drop in the lira's value following Erdogan's refusal to let the central bank cut interest rates.

The dollar gained 1.18% compared to the lirs and sold for 20.046 at 6:42 am CET.

currencies lira

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