Turkey's lira hits fresh record low after 37% slide last year

The Turkish lira slid to a new record low beyond 29.7 against the dollar on Tuesday, extending a losing streak that gathered pace slightly late in 2023 to end the year nearly 37% weaker.

The currency USDTRY was 0.6% weaker at a historic low of 29.7060 at 0754 GMT.

Since President Tayyip Erdogan won re-election in May, the government has implemented a policy U-turn and abandoned an unorthodox low interest rate policy in favour of tightening.

Last summer, the lira weakened sharply as authorities loosened their grip on the currency, before the declines slowed down in the autumn.