Dollar hits fresh record against Turkish lira despite appointment of 'rational' finance minister

The dollar rose to a fresh record high versus the Turkish lira USDTRY on Monday despite re-elected President Recep Tayyip Erdoğan appointing a finance minister who pledged a “rational” economic policy.

“Transparency, consistency, predictability and compliance with international norms will be our basic principles in achieving the goal of raising social welfare,” said Mehmet Şimşek, who had previously held the post before leaving in 2018, on Sunday. However, Şimşek’s appointment did little to calm forex markets as investors were also waiting to see if Erdoğan would change leadership at the central bank to match the finance minister’s stance.

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