Turkish lira

Turkey must fight inflation and avoid recession, VP says

Turkey must sustain its push on production and exports to prevent the economy falling into recession even as it fights inflation, Vice President Cevdet Yilmaz said on Friday. 

Since May elections, President Recep Tayyip Erdogan's government launched a U-turn away from unorthodox policies including interest rate cuts that had sparked a lira crisis and sent inflation soaring. 

Türkiye ramping up efforts to boost reserves, says Şimşek

Türkiye is accelerating efforts aimed at obtaining additional foreign resources for the country in order to further strengthen its reserves, Treasury and Finance Minister Mehmet Şimşek said.

The Central Bank's net international reserves surged by $8.5 billion last week, Şimşek added in a post on Twitter, noting that this was the largest weekly increase ever on record.

Why Turkey’s currency is crashing after Erdogan got reelected

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.

Turkish lira down 7% in biggest selloff since 2021 crisis

Turkey's lira plunged 7% to a record low on Wednesday in its biggest daily selloff since a historic 2021 crash, as the newly-elected government appeared to loosen stabilizing measures in its pivot to more orthodox policies.

The lira has come under pressure since President Tayyip Erdogan was re-elected on May 28. It stood at 22.98 against the dollar at 0735 GMT.

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