Turkey eased its long-running battle to defend the lira on Wednesday, sending the currency into its biggest fall in more than a year as President Recep Tayyip Erdoğan’s new economic team implements more “rational” policies.
The currency dropped 6.9 per cent on Wednesday to a new record low of 23.17 against the dollar, leaving it down almost 10 per cent since the appointment of Mehmet Şimşek as finance minister at the weekend.
The lira has not ended a day with such a big fall since December 2021, Refinitiv data shows.
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