Turkish Lira Hits Record Low After Erdogan's Re-Election

The Turkish lira has hit a new all-time low following the re-election of President Recep Tayyip Erdogan. The currency was trading at 20.15 against the dollar, having lost over 7% of its value since the start of the year. Analysts have warned that Turkey's economic issues will intensify following Erdogan's return to office, and have called for the appointment of a market-friendly economic point person, such as former finance minister Mehmet Simsek. Turkey's monetary policy prioritises growth and export competition over taming inflation, with Erdogan endorsing the unconventional view that raising interest rates increases inflation.