Skip to main content

Turkish lira makes gains on renewed optimism

After hitting a series of record lows, Turkey’s currency rebounded more 7% this week as investors expect sharp policy reversals by the nation’s newly appointed economy team.
ISTANBUL, TURKEY - NOVEMBER 09: A man uses an automated teller machine (ATM) at a Turkey's Akbank branch on November 09, 2020 in Istanbul, Turkey. Finance Minister Berat Albayrak, the son-in-law of President Erdogan who has been in the role for five years, resigned Sunday citing health reasons. The country's currency has plunged 30 percent this year. After the resignation of Berat Albayrak, Turkish lira gained 3% against $ following the resignation. (Photo by Burak Kara/Getty Images)

ISTANBUL — Investors are placing new faith in the fresh faces appointed to Turkey’s economy team this week, sending the nation’s markets soaring on expectations of rapid policy reversals.

Turkey’s lira rebounded more than 7% since hitting a record low of 8.58 per dollar Friday, scaling back steep losses that placed it among the world’s worst performing currencies in 2020.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 for annual access.