The dollar-to-lira rate surged almost 5.5% on Wednesday, approaching the psychological mark of 23 lira per dollar, SİA informs, citing trading data.

The dollar against the Turkish lira rose by 5.45% to 22.7216 lira per dollar from the previous close of 21.5475 lira. Since the beginning of trading, the indicator reached a maximum of 22.9002 lira, setting a new historical high.

"The electoral process has ended in Türkiye. In the new cabinet announced by President Erdogan, Mehmet Simsek has been appointed the Minister of Finance and Treasury. Although Simsek outlined a new economic model in his statements at the handover ceremony, it is highly anticipated which direction he will set. The exchange rate which declined for some time after the announcement of the new Cabinet, has been breaking records since the beginning of the week," TGRT Haber reported.

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