Turkey’s Perilous Game With Markets Reaches a Crossroads
A man looks on outside a currency exchange in Istanbul, on Aug. 6.
Photographer: Yasin Akgul/AFP via Getty Images
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Investors in Turkey are no strangers to volatility that for years has plagued one of the Middle East’s largest economies. But not everyone may stick around this time.
The lira tumbled to a record low on Friday even though the central bank has spent billions over the past year propping it up. Earlier this week, the cost of borrowing money offshore jumped beyond 1,000%, the latest sign of dysfunction in Turkey’s money markets.