The Turkish lira sank to a new low against the dollar on Wednesday, more than a week after the re-election of President Recep Tayyip Erdogan.. The currency, which was propped up by the central bank before the presidential election, fell five percent to 22.77 lira per dollar at around 0645 GMT. Erdogan was sworn in on Saturday after winning a historic election runoff on May 28 and named a new cabinet appointing market-friendly politician Mehmet Simsek as finance minister.

The Turkish lira sank to a new low against the dollar on Wednesday, more than a week after the re-election of President Recep Tayyip Erdogan.

The currency, which was propped up by the central bank before the presidential election, fell five percent to 22.77 lira per dollar at around 0645 GMT.

Erdogan was sworn in on Saturday after winning a historic election runoff on May 28 and named a new cabinet appointing market-friendly politician Mehmet Simsek as finance minister.

The former Merrill Lynch economist is known to oppose Erdogan's unconventional policies.

He served as finance minister between 2009 and 2015 and deputy prime minister in charge of the economy until 2018, before stepping down ahead of a series of lira crashes that year.

Soon after taking office, Simsek said: "we have no choice but to return to rational ground" -- a sign of shifting away from the unorthodox policy of lowering interest rates in order to fight high inflation.

"Whoever won the election, the expectation was the lira had to go...

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