The Turkish lira has fallen by 0.42% against the US dollar to 20.03 after President Recep Tayyip Erdogan secured victory in the country's 2023 presidential election.
Erdogan has extended his rule into a third decade. The lira has lost over 6% of its value since the start of the year and over 90% over the last decade. Analysts predict that the lira could slump by 29% if Erdogan continues his unorthodox monetary and economic policies, which include keeping interest rates low.
Erdogan's victory comes amid a difficult year for Turkey, which has been hit by natural disasters and high inflation rates. While Turkey's economy expanded by 5.6% in 2022, growth is expected to slow to 2.8% next year due to the destruction caused by the earthquakes.
