Turkish lira hits another historic low amid pandemic

LONDON (AP) — Turkey’s currency has tumbled further, hitting another record low The Turkish lira dropped to 7.3677 against the dollar Friday before making a recovery. The lira is down about 19% versus the U.S. currency since the beginning of the year. The drop is fueled by high inflation, a wide current account deficit and the government’s push for cheap credit to drive an economy that was already fragile before the COVID-19 pandemic hit. Analysts have expressed concern over the level of Turkey’s reserves and Turkish President Recep Tayyip Erdogan’s aversion to high interest rates. Erdogan on Friday said “I believe the Turkish lira will fall into place … these are temporary fluctuations.”