Turkish lira weakens after new economic programme disappoints wary investors


ISTANBUL (Reuters) – The Turkish lira eased on Friday, a day after Finance Minister Berat Albayrak announced the government’s three-year economic forecast, disappointing investors who wanted a more sober assessment of the fragile economy.

The lira weakened to 6.2250 against the dollar at 0611 GMT, from Thursday’s close of 6.1850. It had fallen as far as 6.3750 after Albayrak’s presentation on Thursday but later recovered losses in New York trade.

The currency has lost nearly 40 percent of its value this year on concerns over President Tayyip Erdogan’s grip on monetary policy and, more recently, a diplomatic row between Ankara and Washington. The sell-off in the lira also sparked concerns over its impact on the wider economy and the banking sector.

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