27 Dec 2013
Turkish lira remains under pressure in the wake of corruption scandal
FXstreet.com (London) - The Turkish lira has come under further selling pressure today, hitting record lows against the dollar at TRY 2.1771.
The lira has fallen 1.44 percent so far today following on from yesterday’s heavy selling.
The pressure comes following a cabinet reshuffle by Turkish Prime Minister Recep Tayyip Erdogan after three ministers whose sons were embroiled in police anti-corruption raids announced their resignations. There have been calls for Erdogan to step down from the ruling Justice and Development Party (AKP).
The reshuffle has seen the replacement of 10 ministers, almost half of the Turkish cabinet.
The lira had seen some temporary gains earlier this week after the Central Bank of the Republic of Turkey announced that it would be selling at least $6 billion in foreign currency by the end of January in an effort to stymie the effects of the corruption scandal.
The lira has fallen 1.44 percent so far today following on from yesterday’s heavy selling.
The pressure comes following a cabinet reshuffle by Turkish Prime Minister Recep Tayyip Erdogan after three ministers whose sons were embroiled in police anti-corruption raids announced their resignations. There have been calls for Erdogan to step down from the ruling Justice and Development Party (AKP).
The reshuffle has seen the replacement of 10 ministers, almost half of the Turkish cabinet.
The lira had seen some temporary gains earlier this week after the Central Bank of the Republic of Turkey announced that it would be selling at least $6 billion in foreign currency by the end of January in an effort to stymie the effects of the corruption scandal.