Turkey’s lira falls beyond 16.3 vs dollar as FX need grows

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by Boo_Randy

Coming soon to a Fed-debauched currency near you. Stack accordingly.


Turkey’s lira slid beyond 16.35 against the dollar on Wednesday to its weakest level since the depths of a December crisis, as analysts questioned authorities’ ability to continue steadying it without new sources of foreign currency.

The lira has weakened 9 percent this month and 19 percent this year, despite months of costly interventions in which the central bank has sold dollars to soften the blow and the state has backed an FX-protected deposit scheme.

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