The Turkish lira fell to a record low against the US dollar during trading, Report informs referring to the data of online trading on the international Forex market.
On the morning of May 23, the value of the US dollar exceeded 20.3 liras. During the day, the lira fell against the dollar by 6.5%, to 19.85 per dollar.
The decline of the lira comes against the backdrop of the upcoming second round of the presidential elections in Türkiye. Reuters notes that financial markets are preparing for the victory of Recep Tayyip Erdogan, who, after re-election, will continue his monetary policy.
According to the results of the first round, the incumbent Turkish President Recep Tayyip Erdogan won 49.51% of the vote, his main rival, opposition candidate Kemal Kilicdaroglu got 44.88%. The second round of elections will be held on May 28. According to Erdogan, if he wins, Türkiye will face a ‘complete transformation.’ As one of the priority areas, he called the development of a new constitution for the country.