Sharp Decline in Lira's Value Following Erdogan's Victory in Turkish Elections

Following Recep Tayyip Erdogan's victory in the Turkish presidential elections on Monday, June 8, the country's currency approached its lowest exchange rate against the dollar. In Turkish exchange offices, more than twenty lira were exchanged for one US dollar. The Turkish lira has fallen more than six percent since the beginning of this year, and over the past decade, due to fluctuations in the country's economic situation, inflation, and currency crisis, it has lost more than 90 percent of its value. Since the crisis of 1400 (2021), Ankara officials have imposed increasing control over currency markets. Meanwhile, the country's gold reserves have also significantly decreased. Despite years of turmoil in the Turkish economy, Erdogan has secured another five years in power in the recent elections. Thus, his increasingly authoritarian rule will extend to three decades. According to observers, 'Erdogan's victory does not provide assurance to foreign investors for investment in the country. Only with great optimism can one hope that Erdogan now feels secure enough politically to return to the mainstream economy.' Erdogan declared victory in the second round of the Turkish presidential elections. The significance of the elections in Turkey at the international level; explanations from Sinan Ciddi of the 'Foundation for Defense of Democracies'. Qadir Golkarian: The reception of the elections in Turkey was unprecedented this time. A special report on the elections in Turkey; potential changes in immigration policy and concerns of Iranian immigrants. Concerns of the Kurds in Turkey regarding Erdogan's continued rule. Sweden will 'soon' hold talks with Turkey for NATO membership.