In an unprecedented economic spiral, the Turkish lira continues to plummet to deeper lows. Only a few years ago, analysts might have declared it to be at its lowest point. Now the currency seems to have broken below the bottom again, venturing into the abyss of uncertainty. Since the start of the week, the Turkish lira has been continuously setting new record lows. It seems that the lira's value has been on a steady decline for years now. The currency's rapid pace of descent can sometimes reach unbelievable speed within a single trading session. The slide has become more pronounced since the re-election of President Recep Tayyip Erdoğan and the commencement of his promised reforms. By the end of September, the Turkish lira saw a historic drop against the US dollar, plunging to an all-time low of 27.5. October has maintained this downtrend, with the currency's value persistently setting new record lows, currently steering towards 28 lira per dollar. This significant drop in TRY transpires amid claims from traders that state creditors have halted dollar sales in a bid to support the lira. This is a clear indication that Turkey’s new economic administration is reluctant to conduct costly interventions. However, the actions taken by the country’s central bank seem to be ineffective in curbing this decline.
