Turkish lira continues downward spiral, hits new record low
Delegation to Washington fails to make breakthrough in diplomatic row
There was no sign on Wednesday that the US and Turkey were able to make any progress in resolving a diplomatic impasse after a delegation from Ankara met with top State Department officials.
The news didn’t help Turkey’s fast-depreciating currency, which found a fresh record low on Thursday, falling 4% to 5.49 per US dollar.
Tensions between the two countries flared up when the Donald Trump administration demanded the release of American pastor Andrew Brunson, a request quickly denied by President Recep Tayyip Erdogan’s government.
It was reported that Erdogan’s son-in-law and Turkey’s new finance minister, Berat Albayrak, were set to unveil a “new economic model” on Friday, but the announcement did little to reassure investors.