Turkey spends billions to support sinking lira
‘The lira is now a heavily managed exchange rate’
28 July 2020 - 22:48
Not even the dollar’s swoon is helping the Turkish lira, which is being weighed down by a widening current-account deficit and an outflow of foreign capital.
The currency fell as much as 1.4% against the dollar Tuesday, its third successive decline, defying attempts by state-run lenders to stem the sell-off. On Monday, it tumbled the most since April in intraday trading, hovering close to the psychological 7/$ mark...
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