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Turkish lira falls as new minister named

AFP ISTANBUL (AFP-Jiji) — The embattled Turkish lira on Monday lost 3.5 percent in value against the U.S. dollar after Turkish President Recep Tayyip Erdogan named his son-in-law Berat Albayrak as finance minister in a new government.

The appointment of finance minister had been keenly awaited by markets, with the naming of Albayrak, the husband of Erdogan’s elder daughter Esra and formerly energy minister.

The Turkish lira lost 3.5 percent in value to trade at 4.73 lira to the dollar and lost 3.5 percent to trade at 5.5 to the euro.

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