Shafaq News/On Monday, the Turkish Lira dropped against the US dollar, fueled by widespreadrumors that Treasury and Finance Minister Mehmet Simsek had resigned.
The Liraplunged to an all-time low of 34 to the dollar during today's trading session,marking a dramatic decline of over 12% since the start of the year.
Marketanalysts attributed the sharp drop to reactions spurred by unconfirmed reportsof Simsek's departure, which rapidly circulated across social media platforms.
In responseto the market chaos, Turkiye's Capital Markets Board announced it had launchedan investigation into the social media posts alleging Simsek's resignation,contributing to a steep decline in the Istanbul Stock Exchange. The regulatorybody scrutinizes accounts that may have misled investors, leading to financiallosses.
Simsek, whotook charge of Turkiye's economic strategy in mid-2023, has been part of atechnocratic team focused on moving the country away from previous unorthodoxeconomic practices that prioritized growth over price stability.