People walk in a market in Istanbul, Monday, Aug. 13, 2018. Turkey's central bank announced a series of measures on Monday to free up cash for banks as the country grapples with a currency crisis. The Turkish lira has nosedived over the past week and tumbled another 7 percent on Monday as the central bank's measures failed to restore investor confidence. (AP Photo/Mucahid Yapici)

Turkish currency stabilizes as businesses urge compromise

August 14, 2018 - 4:45 am

ANKARA, Turkey (AP) — The Turkish currency has stabilized near record lows as investors gauge the government's next move to avoid a full-blown financial crisis.

The Turkish lira has been hit by concerns over President Recep Tayyip Erdogan's economic policies and a trade and diplomatic dispute with the United States, a NATO ally.

The lira was around 6.55 per dollar Tuesday, up 6 percent from the previous day, when the central bank freed up cash for banks. It remains not far from the record low of 7.23 per dollar hit Sunday.

The currency has nosedived over the past week, accelerating a months-long decline that has seen it drop 45 percent this year.

The state-run Anadolu Agency said the finance chief would address hundreds of foreign investors on Thursday.

AP Editorial Categories: