The Turkish lira plunged to record low levels today after a two-week fluctuation and growing concerns about the failure of the Turkish regime's authorities' attempts to stabilize the currency, which could herald more severe problems for the largest economy in the region.
Reuters reported that the pound fell by as much as 3.5 percent to a historic low of 7.31 against the dollar before trading earlier today.
After two years of a devastating currency crisis that led to an economic stagnation and the exodus of foreign investments, the Turkish lira is close to half its value compared to the beginning of 2018.
Analysts have warned that Turkey is running out of options to deal with the continuing rise in inflation and imports, in addition to heavily depleted foreign currency reserves at the central bank, which incurred a lot during the country's deal with the Corona virus.
In light of the record decline of the currency against the dollar and the euro, Turks are concerned about the decline in income, purchasing power and lower living standards.
The Turkish currency continues to deteriorate due to the deteriorating political and security conditions in the country due to the policies of Recep Tayyip Erdogan's regime and its repressive measures, which led to a decline in tourism and investments and a decrease in the country's foreign exchange earnings.