LBCI

Turkish lira hits record low of 20 vs dollar ahead of election runoff

Middle East

26-05-2023 | 03:15

Share

Share

Turkish lira hits record low of 20 vs dollar ahead of election runoff

2^min

The Turkish lira weakened to a record low of 20 against the dollar on Friday, ahead of this weekend's presidential election runoff which will decide whether President Tayyip Erdogan extends his rule into a third decade.

The lira touched 20.00 against the US currency at 0508 GMT and continued to hover near that level. It closed at 19.8695 on Thursday and has weakened 6.4 percent so far this year.

Turkey's sovereign dollar bonds and equities have plunged, while the cost of insuring exposure to Turkish debt has spiked since the first round of the presidential election on May 14.

On Thursday evening, Erdogan said in an interview that Gulf states recently sent funding to Turkey, briefly helping relieve the central bank and markets, and he intends to meet and thank their leaders after Sunday's runoff.

Erdogan was well ahead of his main rival Kemal Kilicdaroglu in the first round and fell just short of the more than 50 percent support he needed to avoid going to Sunday's runoff.

Forex demand has surged over the election period on expectations that the lira will further extend its declines, having lost 44 percent of its value in 2021 and 30 percent in 2022.

The lira's losses this year have largely come since devastating earthquakes in February, which killed more than 50,000 people and caused widespread devastation in a large region of southern Turkey. The lira has weakened 2.1 percent since the May 14 vote.

The Turkish central bank's net forex reserves dropped into negative territory for the first time since 2002, standing at $-151.3 million on May 19, official data showed on Thursday.

Turkish

Lira

Hits

Record

Low

Versus

Dollar

Ahead

Election

Runoff

Subscribe to our VOD

SUBSCRIBE

Our visitors readings

US torn between expanding Iran war and ceasefire push as Israel escalates strikes—the details

News Bulletin Reports

2026-04-01

US torn between expanding Iran war and ceasefire push as Israel escalates strikes—the details

Iran insists on diplomatic solution after Trump rejects peace plan

Middle East News

03:21

Iran insists on diplomatic solution after Trump rejects peace plan

Lebanese court drops case against LBCI, lifts ban on video publication

2026-05-15

Lebanese court drops case against LBCI, lifts ban on video publication

What comes after Ali al-Taher? Mapping out Israel’s next move in southern Lebanon

News Bulletin Reports

13:23

What comes after Ali al-Taher? Mapping out Israel’s next move in southern Lebanon

Videos

Heavy rain and flooding hit Lebanon’s Zahle region: Footage

2026-09-18

Heavy rain and flooding hit Lebanon’s Zahle region: Footage

Aoun arrives at Élysée Palace for meeting with Macron—Video

2026-09-17

Aoun arrives at Élysée Palace for meeting with Macron—Video

Lebanon-Israel talks: delegations arrive at US Embassy in Rome — Video

2026-08-06

Lebanon-Israel talks: delegations arrive at US Embassy in Rome — Video

Residents begin returning to Zawtar el-Gharbiyeh, southern Lebanon: Video

2026-07-24

Residents begin returning to Zawtar el-Gharbiyeh, southern Lebanon: Video

Slotkin to LBCI: Lebanese army needs resources to confront Hezbollah, $36 million request submitted for special forces

2026-07-20

Slotkin to LBCI: Lebanese army needs resources to confront Hezbollah, $36 million request submitted for special forces

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

2026-06-26

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

2026-06-26

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

2026-06-26

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

2026-06-20

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

Most read

24 hours

7 days

Month

Qassem: Hezbollah committed to resistance, reconstruction and ‘full liberation’

1

Qassem: Hezbollah committed to resistance, reconstruction and ‘full liberation’

FPM hits back at Nawwaf Moussawi, urges Hezbollah to avoid further tensions

2

FPM hits back at Nawwaf Moussawi, urges Hezbollah to avoid further tensions

Israeli army claims it struck Hezbollah infrastructure after drone attack

3

Israeli army claims it struck Hezbollah infrastructure after drone attack

What comes after Ali al-Taher? Mapping out Israel’s next move in southern Lebanon

4

What comes after Ali al-Taher? Mapping out Israel’s next move in southern Lebanon

From alliance to tensions: What remains of the FPM-Hezbollah partnership?

5

From alliance to tensions: What remains of the FPM-Hezbollah partnership?

Patriarch al-Rahi calls for sustained dialogue, banking reform and stronger state institutions

6

Patriarch al-Rahi calls for sustained dialogue, banking reform and stronger state institutions

Israel election: Five-party opposition bloc takes aim at Netanyahu

7

Israel election: Five-party opposition bloc takes aim at Netanyahu

Swiss seen rejecting referendum proposal to tighten neutrality

8

Swiss seen rejecting referendum proposal to tighten neutrality

Download now the LBCI mobile app

To see the latest news, the latest daily programs in Lebanon and the world

Google Play

App Store

Download now the LBCI mobile app

We use
cookies

We use cookies to make
your experience on this
website better.

Accept

Learn More