Turkey's move towards free market causes 7% drop in Lira.

Turkey's lira plunged 7% to a record low on Wednesday in its biggest selloff since a historic 2021 crash, a move traders said is a "strong signal" that Ankara is moving away from state controls toward a freely traded currency. The currency has come under increasing pressure since President Tayyip Erdogan was re-elected on May 28. Erdogan signaled a u-turn at the weekend when he named Mehmet Simsek, a former deputy prime minister who is well regarded by foreign investors, as finance minister. Given the heavy selloff, some analysts said the central bank might hold an emergency meeting to hike interest rates.