Turkish Lira Plummets to New Record Lows

The Turkish lira hit an all-time low today, Monday, falling to 29 lira per dollar. The lira has dropped 35 percent since the beginning of the year, following the authorities' easing of control over exchange rates as part of a move toward more conventional policies. After adopting unconventional policies for years, Turkish President Recep Tayyip Erdoğan changed his approach in June and appointed a new central bank governor, who has since raised interest rates from 8.5 percent to 40 percent.