Turkish Lira in free fall

Erdogan scrambles to find solutions to failing economy

The value of the Turkish currency against the dollar is currently collapsing, increasing the risk of Turkey being cut off from the markets and thwarting the Turkish president’s efforts to overcome the impasse with the nationalisation of the economy.

The Turkish Lira is in a free fall plummeting to levels not seen since the 2018 foreign exchange crisis, as international investors question Erdogan’s unorthodox approaches to pursuing a policy in the larger Middle East economy and focus on the insurmountable problems of the Turkish economy.

The exchange rate of the Turkish currency also exceeded 6.9 (6.9 pounds per dollar), at a time when the National Assembly, at Erdogan’s behest, passed a law that would allow the Turkish state to take full control of major private sectors of economy swiftly and with no accountability. .