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Turkish lira in decline even after the appointment of the well-known finance minister

2023-06-05 08:45:00, Ekonomi CNA

Turkish lira in decline even after the appointment of the well-known finance

Even after the appointment of Mehmet Simsek as Minister of Finance, the Turkish lira continues to fall.

On Monday, it decreased by 1%. The lira reached 21.1 per dollar, not far above the record low of 21.8 made last week.

Simsek, 56, won the trust as finance minister and deputy prime minister between 2009 and 2018. He said on Sunday the country had no choice but to return to "rational ground".

His appointment is seen as a signal that the newly elected government of President Tayyip Erdogan is moving away from unorthodox interest rate cuts in the face of high inflation that sent the lira into a long slide.

Turkey's annual consumer price inflation hit a 24-year peak of over 85% last year and stood at 44% in April, a sign that further monetary tightening was called for, according to Elmi./ CNA.al

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