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The record collapse of the Turkish lira. Important statements by the Turkish Minister of Finance
The new Turkish Finance Minister, Mehmet Simsek, said that his priority now is to develop a reliable economic program, and that financial policies will be based on the established rules.
"There are no short cuts or quick fixes," he said on Twitter. He added that the guiding principles of the economy will be characterized by transparency, consistency and accountability.
The Turkish lira continues its accelerating collapse, now losing 7.79%, reaching the level of 23.33 Turkish liras per dollar, which is a new record low.
The Turkish lira fell in a record and unprecedented manner during trading today, Wednesday, as it lost more than 7 percent of its value so far, and the decline is still continuing and not stopping.
The Turkish lira fell by the most in more than a year on Wednesday, as traders said state banks halted dollar sales to defend it, in a sign that the government's new economic management is giving up on the cost of intervention, which is what led to such a rapid collapse, according to Bloomberg.
This comes in conjunction with news reports indicating that Turkish President Recep Tayyip Erdogan may choose the former co-CEO of First Republic Bank, Hafiza Gay Erkan, for the post of governor of the Central Bank of Turkey.
