Turkey’s Lira Hits Record Low, Signaling Move towards Free Market as State Controls Eased. The lira dropped 7% in its largest daily decline since the 2021 crash, indicating a shift away from state intervention. President Erdogan’s re-election increased pressure on the currency, now down over 19% this year. The central bank’s forex reserves reached a record low of negative $4.4 billion, but traders foresee a potential reversal as signs of policy change emerge.
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