Cyprus Mail
Business

Turkey’s New York investor meetings fail to stem lira rout

By Nevzat Devranoglu, Ece Toksabay and Daniel Bases

Turkey’s lira hit an all-time low on Thursday as meetings with investors in New York did little to allay concern over President Tayyip Erdogan’s battle with the central bank or Ankara’s economic management team.

Prime Minister Ahmet Davutoglu told reporters in New York he believed the meetings had been successful and said he had spoken with Central Bank Governor Erdem Basci about the lira weakness.

“Here what we need to understand is that, yes, central bank is independent and it is taking its own decision. At the end of the day the performance of the central bank and performance of monetary policy is part of general economic performance,” Davutoglu said later during a webcast from the Council on Foreign Relations in New York.

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