Turkish national currency lira has been underperforming for several weeks now. But the closer presidential elections are, the stronger is the pressure on the currency. Recep Tayyip Erdoğan the current Turkish president promises to fix the situation but that doesn’t happen. And right now the hope of people is coming to an end.

Despite Erdoğan’s promises to take control of the weakening currency no positive changes are in sight for lira. Traders have been panicking for weeks – what to do? Because it is not possible to trade in the currency that is constantly losing price against the main trading asset – dollar. Since the beginning of 2018 lira lost ¼ of the price. And it is only the end of May. Not even half a year passed by. The only thing that can bring more hope to Turkish economy is presidential elections. But there is seemingly no chance that Erdoğan is going to lose those.

In case if the government staying the same t seems there is no real chance for lira to recover without major losses for the economy. Investors have already started to doubt whether it is safe to invest into Turkish economy. Tourism may not bring as much as there are a lot of new exotic destinations open around the world. Lira is a hostage of Erdoğan’s policies. After he criticized Central Bank’s policy he provoked volatility of the currency. Business is dying out even in big cities like Istanbul and Ankara.

Erdogan says that the current political situation is no threat to the assets held by Turkish citizens but still advises to save up dollars.

Trading lira is a very risky deal at the moment.