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In the latest “flash-crash” episode for the market, the Turkish Lira suffered a sharp and sudden fall overnight plunging around 13% against the US Dollar. TRY has been under increasing pressure this year as a stronger US Dollar and domestic economic concerns have weighed on prices, with the CBRT seemingly unable to stop the declines with their policy adjustments this far.
This latest fall in TRY, which is now down more than 30% against USD on the year, comes as the US imposed fresh sanctions against the state, following the failed negotiations to release the imprisoned US Pastor Andrew Brunson. Brunson was imprisoned in the country two years ago for his alleged ties to the Gulen movement run by Islamic cleric Fethullah Gulen who was accused of organizing the failed military coup in 2016.
There have been increased concerns voiced over the continued fall in TRY. The most recent concern was voiced by Eur...
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