Turkish Lira Plummets Amid Political Turmoil

The Turkish lira fell sharply to 42 per dollar after authorities arrested a key political rival of President Erdogan on corruption charges. Istanbul's stock exchange halted trading after a 6.87% drop in early transactions.


Turkish Lira Plummets Amid Political Turmoil

The level of the Turkish lira's exchange rate on the secondary market was 36.67 per dollar. During the middle of the week, the lira sharply fell and reached the mark of 42 lira per dollar in the last trades, after the ruling party's chairman, Recep Tayyip Erdoğan, was accused of corruption and providing assistance to a terrorist group.

The Istanbul stock exchange announced a temporary halt to trading after the main index fell by 6.87% at the start of trading, and a mechanism to halt trading in the market was activated.

"Reuters"