Turkish Lira Drops Anew After Erdogan Replaces Finance Chief

Turkey’s lira weakened following news that President Recep Tayyip Erdogan had replaced the country’s finance minister, sending it back toward the record low set earlier this week when concerns about the central bank’s moves to lower interest rates prompted a selloff.

The currency was around 13.43 per dollar as of 8 a.m. Thursday in Singapore, down 1.4% from the New York close, after news that Finance Minister Lutfi Elvan would leave his post. Nureddin Nebati, who has been a deputy finance minister since 2018 and is perceived to be close to former economy czar Berat Albayrak, will replace Elvan, according to a decree published in the Official Gazette.