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Coronavirus

Turkish Lira Has Dropped to an All-Time Low Due to COVID-19

ANKARA — Turkey’s currency has dropped to an all-time low against the dollar as the country struggles with the economic impact of the pandemic.

The Turkish lira fell to 7.26 against the dollar on Thursday, surpassing the previous record low of 7.24 reached during a currency crisis in August 2018.

The Turkish currency has lost 18% of its value against the dollar since the beginning of the year.

The country was hit by the pandemic as it was already grappling with slow growth, increasing unemployment and rising inflation.

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