Erdogan’s re-election triggers fresh record low for Turkish Lira

After incumbent Recep Tayyip Erdogan won the 2023 Turkish presidential election, the Turkish Lira fell sharply and hit a new low against the US dollar. Brendan McKenna, a specialist in developing markets and foreign exchange at Wells Fargo, spoke pessimistically about the currency due to Erdogan’s victory. In the upcoming months, McKenna expects the Lira…