On Sunday, Turks will head to the polls to choose a president and parliament. If incumbent Recep Tayyip Erdogan is re-elected, traders predict a collapse in the Turkish lira, which is currently trading at record lows. The Central Bank of the Republic of Turkiye has been struggling to prop up the currency, but Erdogan's refusal to raise rates has played an instrumental role in the lira's historic plunge. If the opposition emerges victorious, the lira may begin to see some strengthening.

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