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Turkish lira slightly weaker after overnight drop

Middle East

01-06-2023 | 00:04

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Turkish lira slightly weaker after overnight drop

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Turkey's lira was trading slightly weaker early on Thursday, after a sharp drop overnight to a record low of 22.95 against the dollar during low liquidity hours, as markets await President Tayyip Erdogan's announcement of the new cabinet.

The lira pared its losses overnight, standing at 20.7550 at 0416 GMT. It had briefly touched 22.95, bringing its losses this year to more than 18%, after weakening ahead of and during the parliamentary and presidential elections in May.

The market is now focusing on the announcement of Erdogan's new cabinet. Former economy chief Mehmet Simsek, who is highly regarded by financial markets for his orthodox policy credentials, is almost certain to be included in the cabinet, either as finance minister or as a vice president, four senior officials said.

A key role for Simsek could signal a departure from Erdogan's years-long unorthodox policies, underpinned by interest rate cuts in the face of high inflation, which has led to the lira's persistent decline.

The currency shed 30% in 2022 and 44% in 2021 largely due to Erdogan's unorthodox policies. It lost more than 90% of its value over the past decade, with the economy in the grip of boom-and-bust cycles and bouts of rampant inflation.

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