The Turkish lira is at a record low.
(Photo: Bloomberg)
Turkey’s national currency, which had been weak for months, fell to a record low again after President Tayyip Erdogan’s unexpectedly strong performance in the presidential election.
In return, the dollar rose and was temporarily more expensive than ever on Thursday at 19.8050 lira. However, experts assume that the Turkish currency is about to lose further. The experts at JPMorgan predict a rate of 24 to 25 lira to the dollar, Goldman Sachs considers a devaluation of 50 percent within twelve months to be possible.
Erdogan narrowly missed an absolute majority in the May 14 election. He has to face a runoff in two weeks. According to the electoral authority, the 69-year-old received 49.51 percent of the votes, almost five percentage points ahead of his rival Kemal Kilicdaroglu.
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