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BREAKING NEWS - Asia

Turmoil in Turkey's financial markets after currency crackdown  

Financial markets in Turkey have experienced a fresh period of turmoil, putting the country’s recovery from recession at risk and raising questions over the health of emerging markets as the world economy slows.

President Recep Tayyip Erdoğan’s government heaped pressure on Turkey’s banks on Wednesday to stop them lending the lira to overseas financial institutions, in a move that triggered the cost of offshore borrowing in the Turkish currency to surge by more than 1,000% overnight.

Turkey’s main index of leading company shares, the Borsa Istanbul 100, closed down 5.7% in the biggest daily drop since July 2016, as analysts warned that some investors had opted to sell local stocks instead of betting on the currency. Read more HERE.

Financial markets in Turkey have experienced a fresh period of turmoil, putting the country’s recovery from recession at risk and raising questions over the health of emerging markets as the world economy slows.

President Recep Tayyip Erdoğan’s government heaped pressure on Turkey’s banks on Wednesday to stop them lending the lira to overseas financial institutions, in a move that triggered the cost of offshore borrowing in the Turkish currency to surge by more than 1,000% overnight.

Turkey’s main index of leading company shares, the Borsa Istanbul 100, closed down 5.7% in the biggest daily drop since July 2016, as analysts warned that some investors had opted to sell local stocks instead of betting on the currency. Read more HERE.

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Published on 28/03/2019 @ 09:41 AM   | All Breaking News Topics | Top
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