AP NEWS

Turkish lira further weakens, nearing record low

August 30, 2018

ANKARA, Turkey (AP) — The Turkish lira has further weakened against the dollar amid investors’ move away from emerging markets and concerns over President Recep Tayyip Erdogan economic policies.

The lira dropped 4.11 percent on Thursday, trading at around 6.73 against the dollar and moving closer to the record low of 7.24 it hit earlier this month. The currency has lost close to 40 percent of its value since the start of the year.

Thursday’s depreciation followed news that the Turkish central banks’ deputy governor, Erkan Kilimci, had resigned and would take up a new position at Turkey’s development bank.

Erdogan was expected to appoint his replacement amid growing concerns over the independence of monetary policy.

The president has long exerted pressure on the central bank to keep rates lows to encourage growth.

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