Update to surge of USD/TRY

Note: This section contains information in English only.
Source: Dukascopy Bank SA


It was previously reported that the Turkish Lira reached a record low of 20.0750 on May 29. Since the publication of the report, the USD/TRY surge has gained additional 6.10 or 30.56%.Prior fundamental reasoning for the already occurred surge can be read below.

The drop of the currency was caused by the re-election of Recep Rayyip Erdogan as the country's President. Erdogan has extended his rule in Turkey for a third decade.

In general, the re-election of the current head of state signals to the markets that no major economic reforms would take place. The country has been plagued by boom-and-bout cycles and rampant inflation of more than 90% over the past decade. This year, the Turkish Lira has lost 7% of its value.

The economy is set to remain the biggest challenge of the country's government.
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