Turkish lira hits record low against dollar ahead of economic program

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Turkey’s lira touched a record low against the dollar on Tuesday as investors weighed the impact of the Caucasus conflict and awaited the new medium-term economic program to be announced by Finance Minister Berat Albayrak.

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The lira hit a record low of 7.8450 against the US currency, weakening from a close of 7.81 on Monday. It is down some 24 percent this year on worries about Turkey’s depleted forex reserves and negative real interest rates.

Albayrak is set to announce the economic program at 0800 GMT.

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