![A man counts 100 Turkish lira banknotes in Ankara City [Tunahan Turhan/SOPA Images/LightRocket via Getty Images]](https://i0.wp.com/d2.middleeastmonitor.com/wp-content/uploads/2023/06/GettyImages-1243284452-scaled-e1686153260280.jpg?fit=920%2C614&ssl=1)
Turkiye’s lira plunged 7 per cent to a record low on Wednesday in its biggest sell-off since a historic 2021 crash, a move traders said is a “strong signal” that Ankara is moving away from state controls toward a freely traded currency, Reuters reports.
According to the report, the currency has come under increasing pressure since President Tayyip Erdogan was re-elected on 28 May.
It was trading at 23.18 against the dollar at 1500 GMT bringing its losses this year to around 20 per cent.
READ: Turkiye economy faces ‘lost year’ no matter who wins election, insiders say