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Turkish Currency Rate Drops to 14-Month Low on News of PM's Resignation

Sputnik International

Turkish national currency lira has lost 4.4 percent against the US dollar dropping to 2.93 on news of Prime Minister Ahmet Davutoglu’s resignation, market data... 06.05.2016, Sputnik International

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Turkish Currency Rate Drops to 14-Month Low on News of PM's Resignation

14:10 GMT 06.05.2016 (Updated: 14:12 GMT 06.05.2016)

An exchange office worker counts Turkish lira banknotes in Istanbul on June 8, 2015 - Sputnik International

Turkish national currency lira has lost 4.4 percent against the US dollar dropping to 2.93 on news of Prime Minister Ahmet Davutoglu’s resignation, market data showed Friday.

Turkish Prime Minister Ahmet Davutoglu leaves a news conference at his ruling AK Party headquarters in Ankara, Turkey May 5, 2016. - Sputnik International

Resignation of Turkish PM Davutoglu 'Palace Coup' – Opposition Leader

5 May 2016, 17:34 GMT

MOSCOW (Sputnik) — This is the lowest rate since March 2015, a stock market data tracker operated by the financial company Market Watch indicated.

Davutoglu said Thursday he was stepping down as the leader of Turkey’s ruling Justice and Development (AK) Party.

The announcement was preceded by reports of the minister’s bitter standoff with President Recep Tayyip Erdogan who wants a transition to a presidential system of government.