The Turkish lira fell to a new low against hard currencies on Friday, continuing the sharp losses it suffered. The euro exchange rate reached 25.56 liras, a decline of 13.1% compared to the beginning of the week.
The newly appointed Minister of Treasury and Finance Mehmet Şimşek asked the Turkish people – through his social media account – patience and gave them some time in order to reach the desired financial and economic goals. Turkey's inflation rate fell below 40 percent in May for the first time in 16 months.