October 31, 2018 / 2:08 PM / 17 days ago

Turkey's lira weakens after finance minister announces tax cuts

ANKARA, Oct 31 (Reuters) - Turkey’s lira weakened more than one percent against the dollar on Wednesday after Finance Minister Berat Albayrak announced a plan to cut taxes in several sectors, including automotives, white goods and furnitures.

The lira weakened to as far as 5.56 against the dollar, from 5.50 before the announcement. It stood at 5.5460 at 1401 GMT.

Shares in Turkey’s white goods maker Arcelik rose 5 percent after the announcement, while car makers Ford Otosan and Tofas were both up 7 percent. (Reporting by Ece Toksabay; Writing by Tuvan Gumrukcu)

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