Turkish Lira Plummets in Record Time Amidst New Economic Policies

The Turkish lira has fallen to a new all-time low of 23.29 against the dollar, surpassing Goldman Sachs' forecast of 23 against the greenback in three months. Despite the appointment of former economy chief Mehmet Simsek, who is seen as likely to implement market-friendly policies, the currency continues to weaken. The country's recent annual inflation rate for May stood at 39.59%, and it will be "hard to find a floor" for the lira, according to Rachel Ziemba, founder of Ziemba Insights. Turkish state banks appear not to be intervening in the currency market, suggesting there's a managed devaluation playing out.