Turkish Lira Falls to Record as Minister Says No Reason to Worry
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Turkey’s lira slid to a record for a third consecutive day after Economy Minister Nihat Zeybekci said the central bank didn’t go far enough with rate cuts, arguing there’s no need to worry about the currency.
The foreign-exchange market “will find its own balance,” Zeybekci said on state TV channel TRT on Wednesday, helping spur a selloff that pushed the lira as low as 2.6006 per dollar on Thursday. Turkish bonds fell the most in emerging markets in the past month on concern Turkey will encroach on the central bank’s autonomy. President Recep Tayyip Erdogan said on Monday policy makers should take into account his warnings that interest rates are too high.