On Monday, the Turkish lira tumbled to an unprecedented low against the US dollar, as Turkey anxiously anticipates the pending presidential election runoff. After the initial voting round, the sitting President, Recep Tayyip Erdogan, holds a lead over Kemal Kilicdaroglu from the opposition Republican People's Party. Despite the record inflation and the lira's depreciation triggered by his refusal to allow the central bank to reduce interest rates, Erdogan has pledged to persist with his unconventional monetary approach if reelected.
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