ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan appointed an internationally respected former banker as finance and treasury minister after winning reelection. The appointment is a sign that the longtime Turkish leader whose unconventional economic policies have been blamed for a cost-of-living crisis might change. But lingering uncertainty over Erdogan’s economic direction and an apparent move to loosen government controls over foreign currency exchanges have led the Turkish lira to plunge to record lows against the U.S. dollar this week. It’s raised fears of even higher prices for people already struggling to afford basics like food and housing amid high inflation and even more financial uncertainty.
Why Turkey’s currency is crashing after Erdogan got reelected
