Turkey's Currency Crashes. Trading On Stock Markets Suspended

 

Bloomberg: Lira Slides After Erdogan Says Islam Demands Lower Rates 

The lira tumbled to another record low and stocks and bonds nosedived after Turkish President Recep Tayyip Erdogan pledged to continue cutting interest rates, referring to Islamic proscriptions on usury as a basis for his policy. 

The currency weakened more than 8% to break past 18 per dollar Monday, heading for a fifth day of declines. 

It’s lost half its value over the past three months, the biggest retreat of any currency in the world over that period. Yields on 10-year lira bonds jumped more than 100 basis points to 23.9%.  

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WNU Editor: Here is an easy prediction. Turkey's economic crisis is going to get worse. 

Turkey's Currency Crashes. Trading On Stock Markets Suspended 

Lira crashes to new low of 20 vs euro after Erdogan comments -- Reuters  

Turkey: Stock trading halted again due to rapid losses -- Al Jazeera 

Turkey Stock Trading Halted By Circuitbreaker For Second Day Amid Margin Call "Panic Selling" -- Zero Hedge  

‘There’s jobs but no money’: Turkey’s economic crisis begins to bite -- The Guardian

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