The lira exchange rate collapsed and renewed its historical minimum against the dollar. According to trade data at 10:04 Moscow time on October 12, the dollar cost 9.03 lira – the lowest value for the entire time. As of 12:30, the dollar was trading at 9 liras.

The fall in the currency comes against the background of anxiety in the markets over the September 23 rate cut in Turkey. The Turkish Central Bank made this decision despite the record inflation – at the beginning of September it was more than 19 percent.

Additionally, statements by Turkish President Erdogan about a possible military offensive in Syria to combat Kurdish troops contribute to the weakening of the lira.