Turkey's lira slipped towards a fresh record low against the dollar as President Tayyip Erdogan secured victory in the country's presidential election on Sunday, extending his increasingly authoritarian rule into a third decade.
A U.S. one dollar banknote is seen next to Turkish lira banknotes in this illustration taken in Istanbul, Turkey November 23, 2021. REUTERS/Murad Sezer/IllustrationTayyip Erdogan secured victory
The currency hovered above the 20.00 to the dollar threshold as trading got underway, not far off the 20.06 record low hit on Friday. "The current set up is just not sustainable," said Tim Ash at BlueBay Asset Management. "With limited FX reserves and massively negative real interest rates the pressure on the lira is heavy."
His surprise strong showing in the first round of the election two weeks ago had triggered a selloff in Turkey's international bonds and a spike in costs to insure exposure to its debt amid fading hopes of a change in economic policy.was the most urgent issue, but said it would also fall, following the central bank's policy rate that was cut to 8.5% from 19% two years ago.
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