The Turkish lira fell to a new record low against the dollar on Monday, but stocks rose after President Recep Tayyip Erdogan won re-election on Sunday, ushering his increasingly authoritarian rule into a third decade.<\/p>\n\n\n\n
The lira fell to 20.065 pounds per dollar in early European trading, surpassing the previous record low it touched on Friday.<\/p>\n\n\n\n
The lira has fallen more than seven percent since the beginning of the year, and has lost more than 90 percent of its value over a decade as the economy went through booms and busts, many bouts of high inflation and a currency crisis.<\/p>\n\n\n\n
Erdogan won despite years of economic turmoil, which his critics blame on his unorthodox economic policies and which the opposition vowed in their election campaign to repeal.<\/p>\n\n\n\n
Meanwhile, stocks made gains, with the benchmark BIST-100 index rising 3.5 percent and the banking index rising more than 1 percent. The share of foreign asset managers in Turkish stocks has diminished in recent years, with local investors mainly driving the market.<\/p>\n\n\n\n
Hasnain Malik, head of equity research at Telemer, said: “Erdogan’s victory does not give comfort to any foreign investor.<\/p>\n\n\n\n
“Only the most optimistic would hope that Erdo\u011fan now feels secure enough politically to return to traditional economic policy.”<\/p>\n\n\n\n
Trading is expected to be thin on Monday, with many markets in Europe as well as the United States closed for holidays.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Turkish lira fell to a new record low against the dollar on Monday, but stocks rose after President Recep Tayyip Erdogan won re-election on Sunday, ushering his increasingly authoritarian rule into a third decade. The lira fell to 20.065 pounds per dollar in early European trading, surpassing the previous record low it touched on …<\/p>\n","protected":false},"author":9,"featured_media":81242,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[8473,6987,8494,7095],"class_list":["post-84609","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-consumer-inflation","tag-inflation","tag-inflationary-pressures","tag-turkey"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=84609"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84609\/revisions"}],"predecessor-version":[{"id":84610,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84609\/revisions\/84610"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/81242"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=84609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=84609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=84609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}