The Turkish lira plunged to a new record low today, continuing a downward trend amid concerns about inflation, loose monetary policy and the depletion of foreign exchange reserves at the central bank.
Reuters reported that the Turkish lira fell 0.4 percent to 4,641.7 per dollar against the US dollar, compared with 7,410.74 at the close last Friday.
Earlier today, the lira recorded 7,650.7, its weakest level ever, and more than 20 percent lower than its level at the beginning of the year.
Adding to the concern is a jump in demand among Turks for hard currencies and gold, costly interventions in foreign exchange markets, as well as possible sanctions from the European Union due to tensions between Turkey and Greece in the eastern Mediterranean.
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.