Turkish Lira Reaches Fresh Low Before Announcing an Economic Program

The Turkish lira hit a new record low against the dollar on Tuesday (September 29th), as investors assess the repercussions of conflict in the Caucasus and await a new medium-term economic program to be announced by Finance Minister Barat Albayrak.

The lira hit a record low of 7.8450 against the dollar, retreating from a close of 7.81 on Monday. The lira is down by about 24% since the beginning of this year due to concerns about the depletion of Turkey’s foreign exchange reserves and negative interest rates.