Turkish Lira Hits Record Low Amidst New Economic Policies.
TL;DR
The Turkish lira fell by over 7% against the dollar to a record low, signaling a potential shift in the government's economic policy. President Erdogan has been trying to prop up the lira, but the appointment of new finance minister Mehmet Simsek suggests changes are in store. Turkey's economy has been struggling with huge debts, an inflation rate of just under 40%, and a declining currency. The falling lira makes everything the country imports more expensive and can push businesses and households that have borrowed in dollars into bankruptcy.
- Turkey's Lira Falls to New Low as a New Economic Policy Forms The New York Times
- Turkish lira crashes as new government sets sights on ‘rational’ policies CNN
- Turkish lira declines to record lows following start of Erdogan's new presidential term ABC News
- Lira plunges more than 7% as Turkey edges towards free market Reuters
- Turkish Lira Tumbles to New Low as Devaluation Pressure Mounts The Wall Street Journal
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