KONTAN.CO.ID - ISTANBUL. Turkey's lira weakened to a record low of 4.9767 against the dollar in overnight Asian trade before trimming losses on Thursday, hit by worries about economic management and monetary policy under Tayyip Erdogan's stronger executive presidency. The lira has shed about 22 percent of its value against the U.S. currency so far this year as investors fret over Erdogan's influence on monetary policy and his repeated calls for lower interest rates. Hours after being sworn in with new powers as executive president on Monday, he appointed his son-in-law Berat Albayrak to the post of treasury and finance minister. This exacerbated concerns that Erdogan will look to exercise greater influence over monetary policy.
Turkish lira hits record low after Erdogan interest rate comments
KONTAN.CO.ID - ISTANBUL. Turkey's lira weakened to a record low of 4.9767 against the dollar in overnight Asian trade before trimming losses on Thursday, hit by worries about economic management and monetary policy under Tayyip Erdogan's stronger executive presidency. The lira has shed about 22 percent of its value against the U.S. currency so far this year as investors fret over Erdogan's influence on monetary policy and his repeated calls for lower interest rates. Hours after being sworn in with new powers as executive president on Monday, he appointed his son-in-law Berat Albayrak to the post of treasury and finance minister. This exacerbated concerns that Erdogan will look to exercise greater influence over monetary policy.
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