New Record Low for the Turkish Lira

The Turkish lira fell to a new record low of 20.2 against the dollar today, Tuesday, continuing the losses it has been incurring since President Recep Tayyip Erdoğan's victory in the presidential runoff elections held last Sunday. The lira declined by 0.5 percent from the closing level recorded yesterday, Monday, at 20.0990 lira to the dollar, which was its worst daily performance in eight months. The lira has lost 7.3 percent since the beginning of the year and has lost more than 90 percent of its value over the past decade due to the economy experiencing cycles of boom and bust along with bouts of rampant inflation.