Turkish lira hits record low against US dollar amid inflation
Business
The Turkish lira just dropped to its lowest level ever against the US dollar, capping off a slide since 2010 (about 16 years as of May 2026) where it's lost nearly 98% of its value.
This isn't just a random dip: Turkey's been dealing with sky-high inflation, unusual economic policies, and shrinking foreign currency reserves.
Add in a growing current account deficit and heavy reliance on borrowing from other countries, and it's no surprise investors are getting nervous.
Political uncertainty fuels lira plunge
Political uncertainty and questions about whether Turkey's central bank can act independently have made things worse.
All these factors together have fueled the lira's ongoing plunge, reminding everyone just how much economic challenges can hit a currency over time.