The exchange rate of the Turkish currency earlier broke the psychological low barrier of seven Liras against one US dollar, as international and domestic investors are dumping the Turkish currency en-masse, despite the desperate efforts by the Erdogan government to bolster it. The currency in on course to breaking its negative historic low of the 2018 foreign exchange crisis.
The rate at which the Turkish central bank is “burning” its reserves in foreign currency has accelerated against the steady downward trend in the Turkish currency. (Authorities intervened by selling the dollars at their disposal to support the pound’s exchange rate).