Turkish lira hits another historic low amid pandemic

Turkey's currency tumbled furr Friday, hitting ar record low.

Turkish lira dropped to 7.3677 against dollar before making a recovery. lira is down about 19% versus U.S. currency since beginning of year. It was tring around 7.17 at 11:45 GMT.

drop is fueled by high inflation, a wide current account deficit and Turkish government’s push for cheap credit to drive an ecomy that was alrey fragile before COVID-19 pandemic hit.

Analysts have expressed concerns over level of Turkey's reserves and Turkish President Recep Tayyip Erdogan’s aversion to high interest rates.

Turkey h been hoping for an influx of foreign currency through exports and tourism revenues, but pandemic has sharply undermined tourism industry and disrupted global commerce.

Speaking after Friday prayers at recently reconverted Hagia Sophia mosque, Erdogan said that “re are serious zigzags in global ecomy after pandemic.”

He ded: “I believe Turkish lira will fall into place ... se are temporary fluctuations."

(Representative Im)(Im Credit Pixabay)