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Political uncertainty in Turkey drives Lira down

Turkish Prime Minister Ahmet Davutoglu departure announcement has made ripples in the country’s financial system, with markets and currency being the first affected. By Friday, the Turkish Lira saw its worst weekly fall in almost 14 months. The ruling Justice and Development Party is expected to hold a congressional meeting on May 22 to appoint a new leader. However Davutoglu has stated he will not run for the party leadership under current circumstances, which has been seeing a greater rift between him and the Turkish President Recep Tayyip Erdogan.

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