The Turkish lira falls as the government defends the policies of the former finance minister

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The Turkish lira fell by up to 2 percent during trading, reversing a four-month rally, after the government defended the policies of former Finance Minister Barat Albayrak.

The lira, which has shown a much better performance than its emerging market peers this year, fell to around 7.1 against the dollar at its lowest level in the session.

By 17:15 GMT, the lira was at 7.0241, down 0.94 percent from its level at the beginning of the session.

The Turkish currency rose last week to 6.9 against the dollar, its best level since last August.

Reuters reported that “the Turkish lira has jumped about 20 percent since a sudden change in the country’s financial leadership in early November, which reinforced expectations of tightening monetary policy and a more traditional approach after years of bad management.”

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