An extract from a Citywire article:
Fund managers and their investors are counting the cost of Turkey’s escalating currency crisis after a tumultuous few days that has seen the lira crash 23% against the pound.
The Turkish lira was already the world’s worst performing currency over the last 12 months before its sell-off accelerated dramatically last week.
Fears over the country’s large debt pile, much of which is owed in foreign currency and due for refinancing soon, have been exacerbated by the country’s deteriorating relationship with the US, worsened on Friday by a doubling of tariffs on steel and aluminium.
Investors have taken fright at soaring inflation coupled with president Recep Erdogan’s opposition to tackling it with higher interest rates.
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