The Turkish Lira breaks all time record fluctuating around 7.25TL/1US$. This is despite weeks of attempts by gov to keep it under 7TL-what many saw as a "psychological" barrier; a bleak economic forecast (admittedly even before #CoronavirusOutbreak but losing all steam after it). pic.twitter.com/kzRNwIYBIS
— Louis Fishman لوي فيشمان לואי פישמן (@Istanbultelaviv) May 7, 2020
Turkey has blocked three foreign banks – BNP Paribas, Citibank and UBS – from doing foreign exchange transactions with the Turkish Lira, the nation’s banking watchdog announced on May 7.
Turkey’s battle to defend its currency against the US dollar has suffered a setback after intense selling pressure pushed the lira to a level last seen in the country’s 2018 currency crisis. The currency weakened past 7 to the dollar on Friday
A recent poll revealed the ruling Justice and Development Party (AKP) and alliance partner Nationalist Movement Party (MHP) to fail to collect 51 percent of votes, the amount needed to form a government.
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