Turkish Lira Falls by 3%

The Turkish lira declined by about three percent today, Wednesday, hitting a new record low as it continues to experience losses since President Recep Tayyip Erdoğan announced his cabinet at the beginning of the week following last month's elections. The lira, which is under pressure amid strong demand for foreign currencies, decreased by 2.8 percent to 22.15 against the dollar, bringing its losses since the beginning of the year to 15.5 percent. The previous record low for the Turkish currency was 21.8 lira per dollar, recorded a few days ago.