Turk lira down 1.5 pct after inflation goal revisions

ISTANBUL, June 4 (Reuters) - The Turkish lira weakened 1.5 percent against the dollar on Wednesday after the Central Bank sharply raised its inflation targets for the next three years.

The lira IYIX= traded at 1.2400 against the dollar at 0735 GMT, softening from Tuesday's interbank close of 1.2220.

The Central Bank hiked next year's end-year inflation target to 7.5 percent from the current 4 percent and the government said it accepted the proposals. It also proposed new targets for 2010 and 2011. The revision came after May inflation exceeded 10 percent year-on-year, more than double the bank's target.