Erdogan's re-election sends Turkish lira to new low.

Turkey's lira hit a new record low against the US dollar after President Recep Tayyip Erdogan won the presidential election, extending his rule into a third decade. The lira has lost more than 90% of its value over the past decade, with the economy in the grip of boom-and-bust cycles and rampant bouts of inflation. Erdogan's victory has seen further pressure on the Turkish lira, despite Turkish stocks enjoying gains. Critics blame the years of economic turmoil on unorthodox economic policies, which the opposition had pledged to reverse.