Turkey’s National Currency Records New Low in Value

Turkey’s national currency continued its free fall on Monday, recording a new low in its value.

According to Reuters, with a 6 percent decline in the lira on Monday, the price of each U.S. dollar in Turkey’s foreign exchange market reached 17.6 lira.

The lira’s continued decline on this day occurred after Recep Tayyip Erdoğan, the president of Turkey, stressed that he would continue his unconventional economic policy of keeping bank interest rates low in conditions of high inflation.

Erdoğan said in televised remarks on Sunday that this is something he does as a “Muslim.” The decline in the lira’s value has reduced the purchasing power of the people.

Turkey’s lira has lost approximately 50 percent of its value in the current year.

With the fall in the lira’s value, people are trying to sell this currency and acquire currencies such as the U.S. dollar.

Source: Voice of America