Turkish lira falls after Erdogan names son-in-law finance minister

|By:, SA News Editor

The Republic of Turkey's president Recep Tayyip Erdogan names his son-in-law Berat Albayrak as treasury and finance minister, Bloomberg reports, adding to investor unease about where the country's economic policy is going.

The Turkish lira fell 3.4% against the U.S. dollar. USD/TRY +3.46% to TRY4.731  per dollar vs previous close of TRY4.573. Year-to-date the U.S. dollar has strengthened 25% against the Turkish lira.

Albayrak replaces Mehmet Simsek, a former Merrill Lynch banker. Erdogan, who was sworn in as the country's first executive president today, told investors in May he plans to take more control of economic policy in his new role, Bloomberg says.

Previously: Turkey dismisses civil servants as Erdogan sworn in (July 9)

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