This is an unmistakable sign of market concern. On the next day of the official announcement of Recep Tayyip Erdogan’s presidential victory on Tuesday May 30, the Turkish lira (TRY) fell to 21.69 TRY for 1 euro and 20.44 TRY for 1 dollar. A drop of 1.2%, the largest in one day since June 2022. In total, the currency has lost a fifth of its value in one year.
Galloping inflation, unemployment rate still too high for the country at more than 10%, loss of confidence in international markets… For more than a year, the picture of the Turkish economic situation has been very bleak. During the election campaign, the opposition has also constantly denounced the catastrophic record of the outgoing president. In vain.
Not only did Erdogan extend his term as head of state by five years – after almost nine years as president and eleven as prime m
Source : Nouvelobs
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