The Turkish lira just touched a fresh record low against the US dollar, again.
The currency touched 3.1140 against the greenback around 8:58 a.m. ET. It is now down by 0.5% at 3.1101 per dollar as of 9:03 a.m. ET, extending its decline from Monday.
Earlier on Tuesday, Prime Minister Binali Yildirim said that the country’s ruling AK Party will “bring to our great parliament our proposal containing constitutional change and the presidential system,” adding that it will happen “as soon as possible.”
The change would expand the powers of the presidency, according to Reuters.
This follows comments from last week when the prime minister said that President Recep Tayyip Erdogan would move forward with the plans to change up the constitution. Turkish markets dropped following the news “amid growing concern among some investors over President Recep Tayyip Erdogan’s ambitions to consolidate power,” according to Bloomberg.
On the economic front, data released last Wednesday showed that Turkey's current-account deficit (something investors had previously cited as a concern) was greater than expected.