Turkish lira sinks to record low amid concern about tension with the US
The currency worst weekly slide since the 2008 financial crisis as attention turns to the first public address from President Recep Tayyip Erdogan
Ankara — The Turkish lira sank to a record low as concern about souring relations with the US and runaway inflation outweighed the nation’s plans to stem a market rout. The dollar surged as much as 13.5% on Friday, pushing the lira down to a record low of 6.3005. That extended the Turkish currency’s worst weekly slide since the 2008 financial crisis as attention turns to the first public address from President Recep Tayyip Erdogan and press conference from his son-in-law, treasury and finance minister Berat Albayrak. The government set a growth target of less than 4%, down from 5.5% on Thursday, a sign that authorities were trying to address the $880bn economy’s vulnerabilities since a market meltdown sparked by last week’s US sanctions. Yet the move has proved inadequate to temper investors unease. Although it is good news that Turkey’s new economy czar finally spoke about his plan, investors are sceptical, according to Tim Ash, a senior emerging-market strategist at BlueBay Asset ...
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