ISTANBUL: The Turkish lira weakened early on Monday, nearing last week’s record low after the central bank took steps towards simplification of its macroprudential framework, having hiked rates sharply last week.

The lira slid as far as 25.6 against the dollar, dipping 1.3% from Friday’s close to near its record low of 25.74.

Turkey’s lira hits fresh record lows after rate hike

It has weakened 27% so far this year, largely after the re-election in late May of President Tayyip Erdogan who has since moved to backtrack on his years of unorthodox economic policy.