2024-08-26T12:44:54+00:00
Shafaq News reports that the Turkish Lira declined against the US dollar on Monday, driven by widespread speculation regarding the resignation of Treasury and Finance Minister Mehmet Simsek.
During today’s trading session, the Lira dropped to a 34-year low against the dollar, representing a staggering decline of over 12% since the beginning of the year.
Analysts attributed this drop to the panic triggered by unverified reports about Simsek’s resignation, which spread rapidly on social media.
In response to the market turmoil, Turkey’s capital markets board announced that it had initiated an investigation into social media posts alleging Simsek’s resignation, which contributed to a significant fall in the Istanbul stock market. The regulatory body is examining accounts that may have misled investors, resulting in financial losses.
Simsek, who assumed responsibility for Turkey’s economic strategy in mid-2023, was part of a technocratic team aimed at transitioning the country away from previous unorthodox economic approaches towards prioritizing price stability.