Turkish Lira Sets New Records for Decline

The Turkish national currency has continued its downward trend for the 13th consecutive day, recording its largest drop since 2021 this morning. One dollar is now worth 23.32 lira on trading platforms.

Turkey's economy is heavily reliant on imports, ranging from food products to textiles and other goods, meaning that the prices of consumer products in the country are directly influenced by the lira's exchange rate against the dollar.

Experts believe that the decline of the Turkish currency is unlikely to be limited to this extent.