The Turkish national current, the lira, has fallen after reports that US President Joe Biden is poised to recognize the Armenian Genocide, and this could escalate tensions between Washington and Ankara.
The lira fell 2.2 percent against the US dollar on Thursday. At 10:43am local time, the Turkish national currency had fallen by 1.7 percent—to 8.31 liras against one dollar.
Biden is expected to formally recognize the massacre of Armenians by the Ottoman Empire at the beginning of the last century as an act of genocide, The New York Times and The Associated Press have reported, citing US officials.
