Turkish lira hits all-time low amid corruption probe | beyondbrics:
"The Turkish lira fell to a new all-time low against the dollar on Thursday as a corruption probe focused on figures close to the government caused continued upheaval in markets.
The currency has lost around a fifth of its value against the dollar in the last year, with Turkey – reliant on inflows of foreign funds to finance a persistent current account deficit – seen as especially vulnerable to the US Federal Reserve’s imminent withdrawal of monetary stimulus.
But the past month’s political turmoil has further shaken investor confidence in the authorities’ ability to manage a difficult period for emerging markets.
The lira has fallen more than 6 per cent against the dollar since the scandal erupted, making it the worst performing of any major currency over the last month."
'via Blog this'
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