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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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Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
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Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

Türkiye has received an exemption for gas payments to Russia after the United States imposed sanctions on Gazprombank, Turkish Energy Minister Alparslan Bayraktar revealed in response to a question from Reuters.

The US imposed new sanctions on Russia's Gazprombank in November, creating an obstacle for buyers of Russian gas, which had been using the bank to make payments. They have since been seeking clarification and exploring other ways to pay.

Türkiye imports almost all its gas requirement and Russia is the top supplier, providing more than 50% of the country's pipeline imports.

Ankara's pipeline gas imports from Russia stood at 21.1 bcm last year.

Türkiye had requested an exemption in discussions with US officials so that it can continue paying for Russian natural gas imports via Gazprombank.

The US on Thursday also granted a waiver to Hungary, which mainly relies on Russian oil and gas.