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ANKARA: Turkey’s lira weakened to a fresh record low of 18.9525 against the dollar on Thursday, as economists weigh the economic impact of the massive earthquakes that hit Turkey last month.

Presidential and parliamentary elections scheduled for May 14 are adding to uncertainty.

They will determine whether Turkey continues with unorthodox policies under President Tayyip Erdogan or revert to orthodoxy as promised by the opposition.

The lira lost some 30% of its value against the dollar last year due to concerns about monetary policy and fallout from the war in Ukraine.

Turkish central bank cuts policy rate after earthquake

It has been largely stable since August thanks to authorities’ heavy hand in the forex market, including a decline of about $9.4 billion in reserves since the first quake hit in early February.

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