Jul 13 2018

Turkey’s Albayrak to meet with investors in London - source

Berat Albayrak, Turkey’s new minister in charge of the Treasury and Finance Ministry, will meet with investors in London next week, one person with knowledge of the plans said on the condition of anonymity.

The appointment of Albayrak, the son-in-law of President Recep Tayyip Erdoğan, late on Monday shocked investors and led to a sell-off in the lira and bonds on concern that the decision was a further sign of Erdoğan imparting full control over economic and monetary policy.

Turkish officials couldn’t immediately be reached to confirm or deny the alleged visit, reportedly slated to start Monday. One investor said officials were denying that it would go ahead on Monday, but that the meetings appeared imminent.

The lira strengthened 0.3 percent to 4.84 per dollar at 3:35 p.m. in istanbul, from gains of 0.1 percent earlier.

(Updates with comment in third paragraph)