Turkish lira hits a record low against US dollar

The Turkish lira touched its lowest level ever today, Monday, and fell to 29 liras per dollar.

According to Reuters, the lira has fallen 35% since the beginning of the year until now after the authorities loosened their grip on exchange rates as part of a greater shift towards traditional policies.

According to Reuters, after adopting unconventional policies over the years, Turkish President Recep Tayyip Erdogan modified his approach in June and appointed a new governor for the central bank, which has since raised interest rates from 8.5% to 40%.