May 24, 2016 / 5:56 AM / a year ago

Turkey's lira weakens to 3.0 against dollar ahead of rates decision, new cabinet

ISTANBUL, May 24 (Reuters) - The Turkish lira weakened to 3.0 against the dollar on Tuesday, its weakest since January, ahead of a Turkish central bank interest rate decision and the expected announcement of the new cabinet of ministers.

At 0552 GMT, the lira stood at 3.0020 against the dollar, its weakest since Jan. 28. The currency hit an all-time low of 3.0750 against the U.S. currency on Sept. 24.

Prime Minister-designate Binali Yildirim was expected to present his cabinet list to President Tayyip Erdogan at 0730 GMT. The central bank's interest rate decision was due at 1100 GMT.

In a Reuters survey, 11 out of 18 economists expected a 50 basis point cut in the upper band of its interest rate corridor. (Writing by Daren Butler; Editing by Ece Toksabay)

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