Turkish currency and debt crisis
Türkiye's President Recep Tayyip Erdoğan said his new economic team's priority will be to cut inflation to single digits from its current level of around 40%.
"Now that the elections are over, our hand is stronger," Erdogan said in a speech to a group of Turkish exporters on June 17.
"We will cut inflation to single digits, that will be the priority of the new economy team."
Turkish President Recep Tayyip Erdogan won reelection last month despite a battered economy and a cost-of-living crisis that experts say are exacerbated by his unconventional economic policies.
The longtime leader appointed an internationally respected former banker as finance and treasury minister and on Friday named a former co-CEO of a US-based bank as head of the central bank.
The Turkish Lira sank to a new low against the dollar yesterday, more than a week after the reelection of President Recep Tayyip Erdoğan.
The currency, which was propped up by the Central Bank before the presidential election, fell 6.7 percent to 23.16 liras per dollar in the afternoon trade.