Turkish Lira Hits Record Low Amidst New Economic Policies.

The Turkish lira fell by over 7% against the dollar to a record low, signaling a potential shift in the government's economic policy. President Erdogan has been trying to prop up the lira, but the appointment of new finance minister Mehmet Simsek suggests changes are in store. Turkey's economy has been struggling with huge debts, an inflation rate of just under 40%, and a declining currency. The falling lira makes everything the country imports more expensive and can push businesses and households that have borrowed in dollars into bankruptcy.