Aug
12

Lira Extends Retreat as Turkey Heads Toward a Financial Crisis

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Turkey’s lira extended its precipitous slide Monday after the nation’s president showed no signs of backing down in a standoff with the U.S.

The lira weakened past 7.23 per dollar in early Asian hours before paring losses after the nation’s Banking Regulation and Supervision Agency stepped in to limit swap transactions on the battered currency. Treasury and Finance Minister Berat Albayrak said the nation will announce steps to calm markets on Monday, Hurriyet newspaper reported

Lira Extends Retreat as Turkey Heads Toward a Financial Crisis

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