The Lira Falling Helps Turkey's Economy

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Adam Samson: The Lira is expected to fall quite a bit. He says it's one of these weird times when a fall actually isn't necessarily seen as a bad thing. It makes Turkish assets cheaper for foreign investors too, so it gives them an incentive to come here. But people are very, very worried that they'll do it for six months and then the president will decide he doesn't want to continue on that path anymore.

Tesla and General Motors have struck a deal to let the Detroit carmaker’s customers plug in at 12,000 of the Texas company’s roadside chargers, and Turkey eased its long-running battle to defend the lira and the currency plunged. Plus, US President Joe Biden and UK Prime Minister Rishi Sunak on Thursday agreed on an “Atlantic declaration” to strengthen economic ties between the two countries.

Mentioned in this podcast:

Turkish lira slumps as new economic team starts ‘intentional devaluation’

Biden and Sunak unveil ‘Atlantic declaration’ to strengthen economic ties

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Katie McMurran, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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