Turkey's lira nears record low to dollar

ISTANBUL: The Turkish lira weakened as much as 0.8% against the dollar on Friday as persisting investor worries about a low interest rate monetary policy and rising inflation pushed it back towards last week's record low.

After weakening as far as 13.9095, the lira stood at 13.8750 versus the US currency at 0625 GMT. It has lost 46% of its value to the US currency this year, touching an all-time low of 14.0 last week.

Turkey's lira weakens 2%, Erdogan endorses low rates anew

Turkey's new finance and treasury minister Nureddin Nebati said on Thursday the budget deficit would come in under 3.5% of GDP this year and would be managed with fiscal discipline, after he was appointed last week.