Turkish Lira Weakens to Record Low against Dollar after Erdogan's Strong Election Showing

Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)
Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)
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Turkish Lira Weakens to Record Low against Dollar after Erdogan's Strong Election Showing

Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)
Woman holds Turkish Lira banknotes in this illustration taken May 30, 2022. (Reuters)

Türkiye’s lira weakened to a record low of 19.8050 against the dollar on Thursday, days after President Tayyip Erdogan surprised markets by leading in Türkiye’s presidential elections.

The lira has weakened more than 1% since the elections on May 14. It declined some 0.2% on Thursday to stand at 19.8050 at 1832 GMT. The currency shed 44% in 2021 and 30% in 2022 mostly due to Erdogan's unorthodox economic policies, Reuters said.

Erdogan's stronger-than-expected showing has rattled markets that were betting on an end to his more than two-decade rule. Erdogan will face challenger Kemal Kilicdaroglu in a May 28 runoff vote.



Iraq Appoints Ali Al-Shatari as Director General of Oil Marketer SOMO

A special forces soldier waves an Iraqi flag from the top of a church damaged by ISIS forces in Bartella, east of Mosul, Iraq. (Reuters)
A special forces soldier waves an Iraqi flag from the top of a church damaged by ISIS forces in Bartella, east of Mosul, Iraq. (Reuters)
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Iraq Appoints Ali Al-Shatari as Director General of Oil Marketer SOMO

A special forces soldier waves an Iraqi flag from the top of a church damaged by ISIS forces in Bartella, east of Mosul, Iraq. (Reuters)
A special forces soldier waves an Iraqi flag from the top of a church damaged by ISIS forces in Bartella, east of Mosul, Iraq. (Reuters)

Iraq, the second-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), appointed a new chief for national oil marketer SOMO, the company said on Thursday.

Ali al-Shatari will become the director general of the State Oil Marketing Organization (SOMO), succeeding Khudhyer Abed, also taking over as Iraq's governor in OPEC, according to Reuters.

SOMO, which markets all Iraqi oil, is expected to begin handling oil output from Iraq's semi-autonomous Kurdistan region after the end of an almost two-year dispute with the government in Baghdad.