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Turkish currency drops to record low against US dollar

Xinhua, February 28, 2015 Adjust font size:

The Turkish currency lira dropped to a record low to 2.52 against the U.S. dollar on Friday amid a political row between President Recep Tayyip Erdogan and top economic policy makers on interest rate policy.

The foreign exchange market has suffered fluctuation following rumors that the two key policy makers, Deputy Prime Minister Ali Babacan and Central Bank Governor Erdem Basci, had resigned amid a bitter row with Erdogan.

Erdogan said on Feb. 25 that the bank's monetary policy was "unsuited to the realities of the Turkish economy," after it failed to meet his demands for rate cuts larger than those it made on Feb. 17.

The government was later forced to issue a statement saying that the two key economy chiefs are still in office. Endit