Erdogan Win Dents Turkish Lira

There's been a drop in Turkey's lira value against the US dollar, as President Tayyip Erdogan has declared that he's won the presidential election. It's a victory that would mean he stays in power for another ten years.

At the start of the week, the currency was at 20.05 to the dollar. It's close to the record low of 20.06 on Friday.

The lira is unstable and has lost over 6 percent this year. In the past 10 years, it has lost over 90 percent of its value. The economy is unstable with periods of severe inflation and currency crises.

In 2021, a crisis happened and now the authorities are more involved in foreign exchange markets. The daily moves are smaller than normal and usually show a weakening.

Wolfango Piccoli from Teneo advisory firm thinks that if the final results prove true, Erdogan won't adopt a fully orthodox economic strategy. This is according to an email comment.

We can try to change the current approach to save time before the 2024 local elections.

There won't be much trading on Monday. Lots of markets in Europe and the US are closed for holidays.

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The Emir of Qatar congratulated Erdogan from Turkey. This happened before the final election results were released. It's not clear who the winner is yet. Qatar and Turkey have good relations.

Erdogan claimed to have won the Turkish elections. He said his party will govern for five years.

Putin says congrats to Erdogan. Victory means Turks support your foreign policy. It is independent.