Turkish Lira Falls To Near-Record Lows After Erdogen Wins Presidency

President Recep Tayyip Erdogan has been re-elected in a presidential run-off election in Turkey, extending his tenure as the nation’s longest-serving leader.

This victory came after a close race against opposition leader Kemal Kilicdaroglu, in which Erdogan missed achieving the necessary 50% of votes in the general election held earlier in the month.

Following Erdogan’s election win, the Turkish Lira has fallen to near-record low levels. This depreciation of the currency seems to reflect investors’ concerns over the economic management of the country.

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According to a Bloomberg report, “the lira fell 0.6% to 20.10 per U.S. dollar as of 6:10 p.m. in Istanbul, a record low on a closing basis.”

Since 2013, foreign holdings of Turkish stocks and bonds have decreased by around 85%, or $130 billion.

Investors are now likely looking for any signs that Erdogan will address the economic issues facing the country.

For now, the initial reaction to his re-election suggests a lack of confidence in the current trajectory of Turkey’s economy.

This article was generated using ChatGPT and has been reviewed by Benzinga editors.

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Photo: Shutterstock

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