Turkish lira briefly weakens as finance minister outlines reform plan

ISTANBUL: Turkey's lira briefly weakened to 5.72 against the dollar as Finance Minister Berat Albayrak outlined a reform package on Wednesday aimed at reviving the economy, before returning to its previous level.

The lira stood at 5.6815 at 0845 GMT, around the same level before Albayrak announced his plans.

Those plans included giving state banks 28 billion lira ($4.92 billion) of debt securities as part of a series of measures to strengthen their capital positions.

Albayrak also said the government's new tax structure will decrease exemptions and gradually lower corporate tax, while combating the unrecorded economy and taxing high income more fairly.