Turkish lira hits record lows despite FX from Gulf states

Erdoğan says he is grateful to allies but central bank reserves fall to lowest level in over 20 years

The Central Bank of the Republic of Turkey

Turkey received foreign exchange from Persian Gulf states ahead of its presidential election, after central bank reserves fell to their lowest in over 20 years.

President Recep Tayyip Erdoğan, speaking on television on May 26, apparently confirmed earlier press reports that several states had sent large sums to the central bank, Al-Arabiya reported. On May 28, Turkish voters will have to choose between Erdoğan and opposition leader Kemal Kılıçdaroğlu in the election’s run-off round.

Reuters re

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