ANKARA/LONDON (Reuters) – Turkey’s lira has hit a record low before of the country’s election decision on Sunday, with investors apprehensive about what may happen if Tayyip Erdogan gains another decade in power.
‘Erdonomics,’ as the 69-year-old president’s unconventional, growth-seeking policies are known, have pushed the lira down 80% in the previous five years, embedding an inflation crisis and shattering Turks’ trust in their currency.
Since the agonising 2021 crisis, the government have become increasingly involved in foreign currency markets, to the point that some economists are openly debating whether the lira can still be considered freely floating.