Lira Weakens as Turkish Minister Signals Limits on Central Bank
This article is for subscribers only.
The lira weakened to a record, extending its third monthly decline, and Turkish bonds fell as a minister’s call to revise central-bank regulations stoked concern the government will restrict its autonomy.
The currency dropped as much as 0.9 percent to 2.5273 per dollar as Economy Minister Nihat Zeybekci said the Central Bank of Turkey’s independence should be conditional on it taking “national interest” into account. Turkish bonds were on course for their worst month in more than six years amid government pressure on Governor Erdem Basci to step up the pace of interest-rate cuts.