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Turkish lira reverses losses as central bank calms investors

The Turkish lira recovered from record lows on May 16 as the country's central bank offered assurances that it was monitoring markets after concerns over President Recep Tayyip Erdogan's plans to take greater control over the country's monetary policy spooked investors.

"The [Central Bank of the Republic of Turkey] is closely monitoring the unhealthy price formations in the markets. Necessary steps will be taken, also considering the impact of these developments on the inflation outlook," the bank said in a statement posted on its website.

The lira pared back its early losses and was trading at 4.4297 against the dollar as of 10:54 a.m. ET.

The currency slumped as much as 1.2% to a record 4.5010 to the dollar after Erdogan expressed his interest in taking more responsibility for monetary policy after the June 24 elections.