Turkish lira hits an all-time drop this year, says Central Bank

The Turkish lira is on a free fall on Thursday, dropping by 10.98 against the dollar, according to Turkey’s central bank.

The currency also touched new lows against the euro, as 1 Turkish Lira equals 0.079 Euro, and it is also lower than Moroccan dirham, as 1 Turkish Lira equals MAD0.83.

The Turkish lira has lost more than a third of its value in the last eight months due to concerns by both investors and savers over premature monetary easing and inflation soaring to near 20%, both of which have impacted deeply into Turks’ earnings, according to Reuters.

Turkish President Recep Tayyip Erdogan said on Wednesday to keep battling interest rates “to the end” in order to reduce inflation.

A tax auditor in Istanbul, Merve Tektas, told Reuters in a statement that she is hopeless for the future, and the current situation is desperate, she said, adding, “I intend to switch my investment and turn it into bitcoin.”