2024-02-03T09:52:58+00:00
A-
A
A+
/ Bloomberg reported on Saturday that the Turkish lira fell by 0.8% against the US dollar to reach $30.48 before reducing losses, and was on its way to recording its weakest level in history.
Turkish President Recep Tayyip Erdogan announced earlier on Saturday the appointment of former Amazon economist Fatih Karahan as the new governor of the central bank, succeeding Hafiza Gaye Erkan, who resigned over a media scandal accusing her of giving benefits to her family at the bank.
Erkan was appointed last June, along with Treasury and Finance Minister Mehmet Simsek, to lead a reform of Turkey’s economic policies to win over investors, including aggressively raising interest rates and allowing more freedom to trade currencies in an effort to attract foreign investment.
Simsek explained that the economic program will continue without disruption, and initial investor reactions indicate that they largely expect the same policies to continue, but with some fluctuations.