Turkish Lira's Volatility Continues Amid Political Uncertainty.

Turkey's lira slipped towards a fresh record low against the dollar as President Tayyip Erdogan claimed victory in the country's presidential election on Sunday. 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, rampant bouts of inflation, and a currency crisis. Erdogan's victory is unlikely to embrace an outright economic orthodox approach, but some adjustments to the current heterodox approach could be adopted with the aim of gaining time ahead of the March 2024 local elections.