Turkish Lira plummets to unprecedented level as Turkey nears elections
DAMASCUS, Syria (North Press) – The value of the Turkish Lira declined to its lowest against the US dollar amid anticipation of the presidential and legislative elections in May, which might bring the first political change in two decades.
The Turkish Lira fell to 19.5996 against one US dollar, which is an unprecedented decline since the release of the new Lira in January 2005.
The continuous decline of the Turkish Lira started at the end of 2021, despite the government’s measures to support it as it is plagued with inflation and capital outflows.
The main opponent of Turkish President Recep Tayyip Erdogan in the presidential and legislative election, Kemal Kılıçdaroğlu, vowed to return to some form of economic doctrine and restore the independence of the Central Bank if he wins.
On the other hand, Erdogan continues to adopt the same propaganda, but as the currency fell during his reign, the country entered into uncertainty and turmoil in his popularity index.
The economic history has helped in weakening his attempt to reelect as the latest opinion polls show a slight advantage for his main opponent.