The Turkish lira fell to a record low curtailing talk of a possible interest-rate increase in the...
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The Turkish lira fell to a record low curtailing talk of a possible interest-rate increase in the country. The currency weakened as much 1.8 percent to 2.18 percent against the dollar by mid-afternoon on Thursday - its lowest for over 35 years.
The benchmark stock index lost 2.7 percent with one analyst predicting no end to the depreciation pressures.
The fall comes as the investigation into a corruption scandal has increased pressure on Prime Minister Recep Tayyip Erdogan. In his end of year address the PM spoke of foreign-backed elements posing a threat to the people of Turkey.
He has named a new cabinet after police detained businessmen close to the government and the sons of three ministers earlier this month.
Erdogan purged 70 officers connected with the inquiry and blocked a second investigation into projects promoted by him.
Throughout the holiday period there have been demonstrations calling for Erdogan who has held office for 11 years to step down.
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