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Turkish lira falls to record lows after start of Erdogan’s new presidential term

Turkish lira falls to record lows after start of Erdogan’s new presidential term

 


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ANKARA, Turkey (AP) The Turkish lira fell to a new record high on Wednesday, extending its slide against the U.S. dollar since President Recep Tayyip Erdogan began his third term.

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The lira weakened by around 7% on Wednesday, reaching 23.18 against the dollar. The drop brought the currency loss since the appointment of the new Erdogan government to more than 8%. The currency has weakened by around 20% since the start of the year.

The lira also weakened more than 7% against the euro on Wednesday.

Turkey’s currency has lost value since 2021 due to what economists say is Erdogan’s insistence on keeping borrowing costs low to boost growth despite soaring inflation. The policy runs counter to conventional economic approaches that call for higher interest rates to keep inflation in check.

Analysts say Erdogan’s government supported the lira ahead of presidential and parliamentary elections in Turkey last month, using foreign currency reserves to keep the exchange rate in check. The weakening lira suggests that the government is loosening its control over the currency.

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On Saturday, Erdogan reappointed Mehmet Simsek, an internationally renowned former banker, as Treasury and Finance Minister in his new cabinet. The appointment was seen as a sign that Erdogan’s new administration could pursue more conventional economic policies.

Simsek, a former Merrill Lynch banker who previously served as finance minister and deputy prime minister under Erdogan, returned to cabinet after a five-year hiatus from politics. At a ceremony at his ministry on Sunday, Simsek said Turkey had no choice but to return to rational ground.

Inflation in Turkey peaked at 85% in October before falling back to 39.59% in May.

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