Turkish lira weakens in front of dollar

Ankara's disputes with Washington over an American pastor banned in Turkey on charges of terrorism have accelerated the losses of the lira, which has dropped by 38 per cent against the dollar this year.

In a broader respect, investors are concerned about leading monetary policy under President Tayip Erdogan. The president, who calls himself <x0 mic of interest rates”, has put the central bank under pressure and has chosen his son-in-law Albayrak as finance minister.

President Donald Trump this month authorised a doubling of aluminum and steel tariffs imported by Turkey, prompting Ankara to retaliate.

Investors are also concerned by an American Treasury Department investigation into the state bank Halkbank, which could face a heavy fine on charges of violating sanctions against Iran. The bank has said all of its transactions have been legal. / VOA/