Turkey’s central bank on Monday announced a long-awaited simplification of monetary policy to create one headline interest rate, boosting the lira following weeks of losses over uncertainty on the economy under President Recep Tayyip Erdogan.

The lira has lost almost 13 percent in value over the last month alone as controversial comments by Erdogan about monetary policy added to anxiety over the broader health of the Turkish economy.

The issue has come to a head less than a month ahead of June 24 elections where Erdogan will seek a new presidential mandate with the economy a key campaign issue.

The central bank had on Wednesday sought to come to the lira’s rescue with an emergency 300 basis point rate hike and its latest announcement was welcomed as an overdue streamlining of monetary policy.

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