Looks like we are having a devaluation: 1 United States Dollar equals 23.17 Turkish lira

Turkish Lira continues to weaken after elections

Following the second round of the presidential election on May 28, the Turkish lira continues to experience depreciation, causing concerns in the economy.

Following his re-election, Recep Tayyip Erdoğan’s decision to appoint Mehmet Şimşek as the minister of treasury and finance was anticipated as a sign of Turkey’s return to orthodox economic policies. However, the appointment did not yield the desired effect, as the lira’s depreciation persisted.

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