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Simsek Plans to Meet Top Banking Executives Next Week

TURKEY
  • Bloomberg report that Turkey’s new Treasury and Finance Minister Mehmet Simsek and top banking executives plan to meet next week for the first time, said people with knowledge of the matter.
  • The meeting, tentatively planned for Thursday, comes amid speculation the new economic team will unravel a strew of measures designed to keep the lira stable prior to presidential elections last month. The regulations are likely to be top of the agenda at the reunion.
  • The lira has weakened further against the dollar for a 13th consecutive session today, extending the losing streak to the worst since 1996. USD/TRY trades 0.54% higher Thursday following yesterday’s notable 7.5% rally - primarily driven by easing bank intervention in FX markets following the appointment Simsek and his more orthodox approach to markets.

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