Turkey’s lira weakened in the aftermath of Recep Tayyip Erdoğan’s re-election, as analysts warned that the next big test for the victorious president would be addressing the country’s shaky $900bn economy.
Many economists argue that Erdogan’s policies of low interest rates and emergency measures to prop up the currency cannot continue. The lira hovered around record lows on Monday after breaching TL20 to the US dollar late last week.
“The current policy stance has become unsustainable,” said Liam Peach at Capital Economics in London. “Turkey cannot continue with very low interest rates, very loose fiscal policy and burning through all sorts of foreign currency reserves for much longer.”
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