ISTANBUL – Turkey's currency has weakened to an all-time low against the dollar as parliament debates constitutional amendments that would hand the president sweeping executive powers and, critics say, limit checks and balances.
The value of the Turkish lira has dropped nearly seven percent against the dollar since the start of the year. On Tuesday, it was trading at 3.71 per dollar, compared with 3.63 a day before. Earlier Tuesday it hit a historic low of 3.7779 per dollar.
Analysts attribute the steep drop in value to the proposed constitutional amendments which parliament began deliberating on Monday.
The main opposition party fears that if approved, the reforms would concentrate too much power in Recep Tayyip Erdogan's hands, turning the country into a de facto dictatorship.