News - Turkey national currency reaches all-time low against dollar

Turkey's lira touched a new all-time low of 29 to the US dollar on Monday, and it is down 35% so far this year after authorities loosened their grip on the currency as part of a pivot to more orthodox policies, Reuters reported. President Tayyip Erdogan—who had overseen years of unorthodoxy—reversed course in June and named a new cabinet and governor of the central bank, which has since raised interest rates to 40% from 8.5%.