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Turkey deputy PM says rocky patch with West temporary, as lira hits record low

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Turkey deputy PM says rocky patch with West temporary, as lira hits record low

Turkey's Deputy Prime Minister Mehmet Simsek called for a better understanding of "serious fluctuations" in the nation's markets and added that the turbulent relations with U.S. and the West were temporary, Reuters reported.

The Turkish lira tumbled to a record low of 3.98 against the U.S. dollar, as investors fretted about strains with Washington exacerbated by the trial of a Turkish trader accused of violating U.S. sanctions on Iran and by pressure on the central bank to cut interest rates from President Recep Tayyip Erdogan.

Turkish bond yields have spiked and the lira has lost more than 10% against the dollar this year, the worst performance of any major currency, Bloomberg data showed.

The central bank has responded to the weakening currency by announcing a cut in borrowing limits, which boosted funding costs for banks by an average of 0.25 percentage point, and the lira regained some lost ground, the Financial Times reported.