The lira opened in global trade at 19.63 against the dollar, before falling to its lowest level in two months.
The latest developments in the Turkish elections
The latest electoral results of the Turkish presidential elections hinted at the passage to a decisive second round between Turkish President Recep Tayyip Erdogan and his rival Kilicdaroglu.
After counting 99.96% of the votes, Erdogan won 49.25%, while his opponent won 45.06%, according to the Turkish news agency “Anatolia”.
The counting of votes continues in the presidential and legislative elections, which are of great importance in the country’s history.
And the ‘Sky News Arabia’ correspondent quoted the head of Turkey’s Supreme Election Authority as saying that ‘the voting process went without any problems’.
In his first statement after the end of the poll, the Turkish president and candidate of the “People’s Alliance” said: “The voting process took place in a way that suits our democracy.”
He added: “It’s time to hang on to the ballot box…Continue to protect the will of our people until the final results.
For his part, Kilicdaroglu said: “I call on our heroes of democracy not to leave the polls until the counting is completed.
He continued, “The full and correct manifestation of the will of the people depends on your determination.”
The impact of the elections on the lira
Last April, JP Morgan Bank predicted that the Turkish lira would fall sharply and the dollar could approach 30 after the election, if it appeared that Ankara would make only minor changes to its unconventional monetary policies.
JPMorgan analysts had expected yields on benchmark government bonds, which raise borrowing costs in the economy, to rise to 25%.
The bank estimated that the lira’s effective exchange rate is now about 32% below its “fair value”. The real effective exchange rate of the currency is one that takes into account prices and measures its value against other currencies with which Turkey conducts many commercial transactions.
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