The Turkish Lira hit a record low against the dollar.
The Turkish lira fell to another historic low against the US dollar, declining from around 3.43 to more than 3.50 lira to the dollar after the ruling Justice and Development Party (AKP) and the opposition Nationalist Movement Party (MHP) agreed on Thursday on a constitutional amendment to expand President Recep Tayyip Erdoğan’s power.
THE DOLLARS WILL NOT CALM DOWN BEFORE JAN 20
The movement in foreign currency started following a statement by Prime Minister Binali Yıldırım on Thursday morning at a Turkish Industrialists and Businessmen’s Association (TÜSİAD) meeting saying that “the dollar will not calm down before Jan. 20.” The lira slid to 3.46 to the dollar following Yıldırım’s statement.
Meanwhile the lira also hit a new low at more than 3.71 lira to the euro.