Turkey’s lira hit fresh record lows against the US dollar on Monday after President Recep Tayyip Erdogan secured victory in Sunday’s presidential election, extending his increasingly authoritarian rule into a third decade. The lira weakened to 20.065 to the dollar in early European trade, breaking through the previous record low touched on Friday. The lira has slumped around seven percent since the start of the year, and lost more than 90 percent of its value over the past decade, with the economy in the grip of boom-and-bust cycles and rampant bouts of inflation. Since a 2021 currency crisis, Turkish authorities have taken an increasingly hands-on role in foreign exchange markets, with da
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