Türkiye's national currency hits new record low
The Turkish lira continued its free fall on Monday, hitting a new record low.
According to Reuters, the lira fell 6 percent on Monday, reaching 17.6 lira per US dollar in the Turkish foreign exchange market.
The lira's continued decline on this day came after Turkish President Recep Tayyip Erdogan emphasized that he would continue his unconventional economic policy of keeping bank interest rates low amid high inflation.
Erdogan said in a televised speech on Sunday that this is what he does as a "Muslim." The devaluation of the lira has reduced people's purchasing power.
The Turkish lira has lost about 50 percent of its value this year.
As the value of the lira falls, people are trying to sell the currency and purchase currencies such as the US dollar.
Source: Voice of America
