The Turkish currency crisis is finally here and it is sending shockwaves around the globe.
After weeks of a slow, but controlled collapse, investors finally hit the panic button overnight, when the Turkish lira crashed as much as 11.2% against the dollar as concern over contagion from Europe’s exposure to the Turkish economic devastation overshadowed promises by the Turkish government to bolster the economy.
The Turkish Lira plunged to a record low of 6.3005 per dollar on Friday morning, before rebounding modestly to 5.88, and is now down more than 35% in the year to date.
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