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Erdoğan summons urgent economy meeting as lira plunges

President Recep Tayyip Erdoğan summoned top members of the government’s economic administration for an urgent meeting on Wednesday, amid continued plunges in the value of the Turkish Lira.

The meeting will be held on 2.00 p.m. local time in the capital Ankara, according to two sources close to the matter.

All recent economic developments are expected to be discussed, including the foreign exchange market fluctuations, according to economy sources.

The Turkish Lira plunged to yet more record lows on the morning of May 9, dropping below 4.37 against the dollar, amid rising global geopolitical risks after U.S. President Donald Trump decided to pull his country out of the international nuclear deal with Iran on Tuesday.

The Central Bank introduced additional liquidity measures to shore up the struggling lira. Following the meeting call and the Bank’s intervention, the lira recovered to 4.27.

The lira has been under severe pressure for months amid a range of economic concerns including persistently high inflation.

(DHA)

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