Turkish Lira Drops To The Lowest Level In Seven Months
Turkish Lira drops to the Lowest level in seven Months. The Turkish lira fell to its lowest point in seven months on Tuesday, after the Turkish electoral council put an end to the local elections in Istanbul.
It is the deepest point in seven months for the Turkish currency.
High inflation and the lack of clear steps by the Turkish central bank have been causing concerns about the Turkish currency for some time.
The judgment of the Turkish electoral council to hold new elections in Istanbul, however, creates further uncertainty.
According to President Recep Tayyip Erdogan, the elections in which his AKP was lost did not go reasonably.
Erdogan argues that the lowering of the lira rate is the result of “economic sabotage” and vowed to oppose attacks on the Turkish economy.
“What are we going to do then? From now on we will do the same as what we have done with terrorists.”