The Turkish lira kept falling, reaching a new record low of 23.5 per USD. This brought the monthly loss to 13% and the overall depreciation since the runoff election on May 28th to nearly 18%. President Tayyip Erdogan named Hafize Gaye Erkan, formerly a co-CEO at First Republic Bank and a managing director at Goldman Sachs, as the head of Turkey’s central bank after Mehmet Simsek, a former deputy prime minister renowned for his market-friendly policies, was named as the country’s new finance minister. These actions were interpreted as a clear indication of a departure from the unconventional economic practices that had resulted in rising inflation, low interest rates, a falling lira, and negative net foreign exchange reserves.
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