Turkey's Currency Woes Deepen

Turkey's Currency Woes Deepen

James Kirk
Author James Kirk
Collection StoriaBusiness

Moves to ease Turkey's economic woes have failed to stop market turmoil as the country's row with the US deepens.

Turkey's currency dropped again Monday as the country wrestled with a crisis that has rattled markets around the world, report CNN and the BBC.

The Turkish lira plunged as much as 11 percent against the dollar, hitting a record low, before recovering some of its losses in volatile trading. The lira had already plummeted more than 20 percent last week as a political clash with the United States intensified and investors fretted about the Turkish government's lack of action to tackle the problems plaguing its economy.

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The US last week imposed sanctions on Turkey over its refusal to extradite a US preacher imprisoned in the country.

The sanctions caused market turmoil, which the central bank attempted – but failed – to soothe with a series of market-boosting measures.

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