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The Independent UK

National

Via AP news wire

Turkish lira declines to record lows following start of Erdogan's new presidential term

Recep Tayyip Erdoğan Mehmet Simsek

Copyright 2023 The Associated Press. All rights reserved

The Turkish lira tumbled to a fresh record low Wednesday, extending its slide against the U.S. dollar since President Recep Tayyip Erdogan started his third term.

The lira weakened by more than 6% on Wednesday hitting 23.15 against the dollar. The decline took the currency's loss since the appointment of Erdogan's new government to 8%. The currency has weakened by around 20% since the start of the year.

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