Turkey's currency, the lira, experienced a slight dip in early Thursday trading, following a sharp drop to a record low of 22.95 against the US dollar during low liquidity hours.
The lira has since recovered some of its losses, with a current exchange rate of 20.7550 at 0416 GMT. The currency has experienced a decline of over 18% this year, largely due to the parliamentary and presidential elections that occurred in May.
The market is now waiting for President Tayyip Erdogan's announcement of his new cabinet, with former economy chief Mehmet Simsek expected to be included.
Simsek is highly respected within financial markets for his orthodox policy credentials and could signal a departure from Erdogan's unorthodox policies, which have contributed to the lira's persistent decline. The lira has lost over 90% of its value in the past decade, with the economy experiencing boom-and-bust cycles and rampant inflation.
