The Turkish lira slumped to fresh all-time lows Tuesday, extending its slide to record lows after Erdogan's re-election.
at around 5 a.m. Tuesday morning local time, surpassing Monday's lows. Earlier in the session, it had briefly weakened to 20.2 levels to the dollar. The lira has lost more than 7% of its value since the start of the year.
"If a big move weaker in the lira, and potential systemic economic crisis is to be avoided, Erdogan needs to move fast and appoint someone like Simsek as economic point person," said BlueBay Asset Management's Senior EM Sovereign Strategist Timothy Ash via e-mail. Turkey's monetary policy places an emphasis on the pursuit of growth and export competition rather than taming inflation, and Erdogan endorses the unconventional view that raising interest rates increases inflation.
He added that Turkey has "a lot of economic issues" that will intensify following Erdogan's return to office.
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