Turkish Lira Fluctuates with Erdogan's Victory

The Turkish lira fluctuated near record low levels against the dollar following President Recep Tayyip Erdogan's victory in the presidential elections. The Turkish currency recorded 20.05 lira to the dollar during trading hours in the Asian market, close to the record low level it reached on Friday at 20.06 lira to the dollar. The lira has fallen more than 6% since the beginning of the year and has lost over 90% of its value over the past decade, as the economy has gone through waves of boom and bust, numerous inflation spikes, and a currency crisis. Analysts have expressed caution in their predictions regarding the extent of economic changes that the new Erdogan government will announce.