Economy of the Ottoman Empire

The Turkish Lira fell to yet another historic low against the United States dollar on the morning of April 6, amid worries over a trade war and a series of geopolitical and economic risks. 

The Turkish Lira dropped past 4 per U.S. dollar for the second time in its history early on March 28, coming closer to record levels. The lira plunged to 4.0012 against the U.S. dollar, falling 0.45 percent in the early hours of the trading hours in Turkey, according to Doğan News Agency.

The Turkish Lira continued to decline against both the U.S. dollar and the euro on March 13 amid a series of negative developments. 

The Moscow Stock Exchange has announced that it has begun trading in the Turkish Lira.

The Turkish lira hit a record low of 3.9780 against the dollar on Nov. 21, accelerating losses to some 17 percent since September as concerns widened about Ankara’s strained relations with the United States and central bank independence.

Turkish Central Bank on Nov. 18 said it has decided to launch Turkish lira-settled forward foreign exchange sale auctions.

The Turkish Lira weakened to 3.9 against the U.S. dollar after President Recep Tayyip Erdoğan’s comments criticizing Central Bank independence early on Nov. 17.

The latest World Gold Council report shows Turkey has sharply ramped up gold buying with both the central bank and ordinary people joining the rush.

"Bar and coin purchases, a measure of investment demand, were 47 metric tons so far in 2017, compared with 14.8 tons in the same period a year ago," ZeroHedge quotes the report as saying.

The Turkish Lira slid against the U.S. dollar on Nov. 8 amid a number of concerns which put pressures on the Turkish currency, including ongoing strains in Turkish-U.S. ties.

The Turkish currency continued its recovery against the U.S. dollar on Sept. 11, after the country's official statistics authority announced soaring economic growth.      

The dollar/lira exchange rate dropped to 3.3986 at around 11 a.m. local time (08:00GMT), down from 3.4080 at Friday's close, ahead of emerging market peers.