Lira rebounds as Erdoğan vows to attract international investment after shake-up of economy team

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Turkey’s lira gained 3 percent in value against the US dollar on Wednesday after President Recep Tayyip Erdogan announced a new growth strategy following his appointment of a new central bank governor and his son-in-law’s resignation as minister of finance.

At 1147 GMT the lira stood at 7.882, its strongest level since Oct. 22.

Promising structural reforms and financial stability, the Turkish president on Wednesday vowed to improve the country’s investment climate.

“We will achieve our goals by building economic policies on three pillars: price stability, financial stability and macroeconomic stability. For this, we are preparing a favorable environment for long-term savings and investment,” Erdoğan was quoted as saying by the state-run Anadolu news agency.

The worst performer in emerging markets this year, the lira hit a record low of 8.58 on Friday.

However, it rebounded more than 6 percent this week after former finance minister Naci Agbal was appointed on Saturday to lead the central bank, and former deputy prime minister Lutfi Elvan was named finance minister late on Monday.

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