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Turkish currency stabilizes ahead of finance chief speech

Berat Albayrak, Turkey's Treasury and Finance Minister, gestures as he talks during a conference in Istanbul, Friday, Aug. 10, 2018, in a bid to ease ...
A man shops in a market in Istanbul, Monday, Aug. 13, 2018. Turkey's central bank announced a series of measures on Monday to free up cash for banks a...
Turkey's President Recep Tayyip Erdogan, gestures as he delivers a speech to Turkish ambassadors at the Presidential Palace in Turkey, Monday, Aug. 13...

Berat Albayrak, Turkey's Treasury and Finance Minister, gestures as he talks during a conference in Istanbul, Friday, Aug. 10, 2018, in a bid to ease ...

A man shops in a market in Istanbul, Monday, Aug. 13, 2018. Turkey's central bank announced a series of measures on Monday to free up cash for banks a...

Turkey's President Recep Tayyip Erdogan, gestures as he delivers a speech to Turkish ambassadors at the Presidential Palace in Turkey, Monday, Aug. 13...

ANKARA, Turkey (AP) — The Turkish currency has stabilized near record lows as investors look to a speech by the finance chief later in the day.

Turkey has been hit by a currency crisis that was triggered by concerns over President Recep Tayyip Erdogan's economic policies and a trade and diplomatic dispute with the United States, a NATO ally.

The lira was around 6.55 per dollar Tuesday, up 6 percent from the previous day, when the central bank freed up cash for banks. It remains not far from the record low of 7.23 per dollar hit Sunday.

The currency has nosedived over the past week, accelerating a months-long decline that has seen it drop 45 percent this year.

The state-run Anadolu Agency said the finance chief would address hundreds of foreign investors later Tuesday.


Updated : 2021-02-26 21:39 GMT+08:00