The Turkish lira continues its downward trajectory, triggered by the remarks of the Minister of Finance and Treasury, Mehmet Simsek, who expressed support for gradual changes in economic policy. On Friday, the lira dropped by 3.2% against the dollar, following a previous weakening of 5.7% on Thursday. Over the course of the month, the lira has lost 18% of its value.
Despite the increased freedom the lira has gained after the re-election of President Recep Tayyip Erdogan last month, traders still anticipate further depreciation.
Currently, the Turkish lira is trading at 25.4766 against the dollar, marking a 2.3% decrease compared to the previous value. This marks the 16th consecutive week of decline for the lira, making it the longest period of losses since 1999.
