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Turkish Lira drops to lowest since August 2018

The Libyan Address Journal

Turkey’s Lira (TRY) continues to take a beating on worsening fiscal balances.

The local unit has dropped to 6.9366 per US dollar at press time to hit the lowest since August 2018. Back then, Turkey was facing a debt crisis and currency crisis due to Lira’s slide to a record low of 7.0831.

Lira has declined by 3.8% so far this week and is reporting a 5% loss on a month-to-date basis. The currency is also facing the pull of gravity for the seventh straight month, having topped out near 5.50 per US dollar in August last year.

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