Bloomberg: Turkish lira declined due to political unrest

The price of the Turkish lira against the US dollar has declined on Monday to more than 6 pounds per dollar, amid concerns of dealers from the situation in the country and the increase of pressures on the currencies of emerging economies as a result of the global economic slowdown.

Bloomberg reported that the Turkish lira declined on Monday trade by 0.7 percent to 6.048 pounds per dollar, its lowest level since last October, coinciding with a global sell-off of securities as investors awaited the outcome of the latest round of China-US trade talks.

In addition, the situation in Turkey is unstable due to people's fear of economic and financial policy.

This comes as the Turkish Electoral Commission announced on Monday its decision on the request of the ruling Justice and Development Party to have re-elections of the municipality of Istanbul, which lost the ruling party in the recent elections, and the Turkish President Recep Tayyip Erdogan has called on the Turkish authorities on Saturday to have re-elections in the city, the largest municipalities of Turkey.




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