Turkish Lira Plummets Amidst Push for Free Market Policies.
Turkey's lira has fallen 7% to a record low as the newly elected government appears to be loosening currency stabilizing measures in its switch to more mainstream policies. The appointment of Mehmet Simsek, a former deputy prime minister, as finance minister signals a move away from unorthodox rate cuts despite high inflation. The country is also waiting for the appointment of a new central bank governor to replace Sahap Kavcioglu, who spearheaded interest rate cuts under Erdogan's policies. Turkish authorities hope foreign investors will return, but market watchers caution that Erdogan has changed his mind on conventional policies in the past.