Turkey’s lira weakens beyond 8.45 against dollar

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Turkey’s lira weakened some 0.7 percent on Tuesday to beyond 8.45 against dollar, its weakest in over a week.

The lira stood at 8.4350 against the dollar at 1347 GMT, after earlier weakening as much as 8.4520.

Earlier on Tuesday, Turkey’s President Recep Tayyip Erdogan replaced the central bank’s fourth policymaker in the last two months, naming a respected labor market economist to its ranks as the country strains to get back to work after the pandemic.

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Semih Tumen, economics department head at Ankara’s TED University who previously worked at the bank from 2002 to 2018, was named in an official decree published overnight to replace Oguzhan Ozbas as one of four deputy governors.

Since March 20, Erdogan made the shock decision to fire a well-respected and hawkish central bank governor, sparking a 13 percent drop in the lira.

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