English
The Turkish lira is at a record low of 21 against the dollar
The Turkish lira fell to a record low of more than 20 against the dollar ahead of Sunday's presidential run-off that will decide whether President Recep Tayyip Erdogan extends his rule for a third decade.
The Turkish lira fell to levels of 20.1 dollars per pound at the close of trading on Thursday, May 26, before it compensated for part of its losses and rose slightly to 19.9 pounds per dollar.
Turkey's dollar-denominated sovereign stocks and bonds have fallen, while the cost of insuring exposure to Turkish debt has risen since the first round of the May 14 presidential election.
Erdoğan had a significant lead over his main rival, Kemal Kılıçdaroğlu, in the first round, but was unable to win more than the 50 percent of the vote he needed to avoid a run-off.
