Turkish Lira Devalues After Sanctions Against Ankara

Yesterday, as American congressmen reached an agreement on imposing sanctions against Ankara, the Turkish lira, which has already recorded several historic drops this year, has devalued once again.

It is worth noting that lawmakers have included a provision in next year’s U.S. military budget, obligating the U.S. President to impose sanctions on Turkey within 30 days after the document's passage for purchasing Russian S-400 systems. The legislation is expected to become law in the coming weeks.

U.S. President Donald Trump, who will complete his term next January, had stated he would veto the document. However, if that occurs, all expenditures in the military sector will be frozen, including salaries, something no U.S. president has done in the past 60 years.