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As Turkey heads to crunch presidential and parliamentary elections next month, volatilities in foreign exchange prices, seen as a major economic barometer, are shaping economic forecasts for both the pre-election and post-election periods.
Since the beginning of the year, the Turkish lira has lost some 10% of its value against the dollar, with the price of the greenback reaching up to 4.3 liras. This means that Turkey’s foreign-exchange liabilities have been swelling in terms of Turkish liras, fueling anxiety and panic among economic actors. In the broader context, lack of confidence in the lira means lack of confidence in the country’s economic management.
