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Turkish Lira Weakens to Record Low against Dollar after Erdogan's Strong Election Showing

Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)
Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)
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Turkish Lira Weakens to Record Low against Dollar after Erdogan's Strong Election Showing

Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)
Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)

Türkiye’s lira weakened to a record low of 19.8050 against the dollar on Thursday, days after President Tayyip Erdogan surprised markets by leading in Türkiye’s presidential elections.

The lira has weakened more than 1% since the elections on May 14. It declined some 0.2% on Thursday to stand at 19.8050 at 1832 GMT. The currency shed 44% in 2021 and 30% in 2022 mostly due to Erdogan's unorthodox economic policies, Reuters said.

Erdogan's stronger-than-expected showing has rattled markets that were betting on an end to his more than two-decade rule. Erdogan will face challenger Kemal Kilicdaroglu in a May 28 runoff vote.

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Scholz: EU Ready to Respond to US on Trade Tariffs

30 March 2025, Lower Saxony, Hanover: Acting German Chancellor Olaf Scholz speaks at the opening ceremony of the Hannover Messe 2025 industrial trade fair at the Hannover Congress Centrum HCC. Photo: Michael Matthey/dpa
30 March 2025, Lower Saxony, Hanover: Acting German Chancellor Olaf Scholz speaks at the opening ceremony of the Hannover Messe 2025 industrial trade fair at the Hannover Congress Centrum HCC. Photo: Michael Matthey/dpa
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Scholz: EU Ready to Respond to US on Trade Tariffs

30 March 2025, Lower Saxony, Hanover: Acting German Chancellor Olaf Scholz speaks at the opening ceremony of the Hannover Messe 2025 industrial trade fair at the Hannover Congress Centrum HCC. Photo: Michael Matthey/dpa
30 March 2025, Lower Saxony, Hanover: Acting German Chancellor Olaf Scholz speaks at the opening ceremony of the Hannover Messe 2025 industrial trade fair at the Hannover Congress Centrum HCC. Photo: Michael Matthey/dpa

Europe wants to cooperate with the United States but the EU is ready to respond as one if Washington leaves it no choice by imposing tariffs on steel and aluminium, German Chancellor Olaf Scholz said on Sunday.
Speaking at the opening of the Hanover industrial trade fair which this year has Canada as its partner country, Scholz also insisted that Canada is an independent country.
US President Donald Trump has mused about annexing Canada and referred to the country as the 51st US state.
"We stand by your side!" Scholz said, adding: "Canada is not a state that belongs to anyone else. Canada is a proud, independent nation."
Addressing Trump's plans to introduce tariffs, Scholz said his answer to "my country first" policies was more free trade, greater competitiveness and more technological sovereignty.
Scholz argued that Europe was not naive but also not weak, and said trade wars hurt all sides, Reuters reported.
"So I say to the United States: Europe's goal remains cooperation. But if the US leaves us no choice, such as with the tariffs on steel and aluminium, we as the EU will react as one".