The currency has been under mounting pressure amid rising inflation, growing unemployment and slow growth — and now, the highest number of coronavirus cases in the region.
to a level not seen in nearly two years after the country's banking regulator moved to restrict foreign investor access to lira-denominated transactions.
"Seems just a matter of time before we go ripping through 7.2500 and beyond," Brad Betchel, global head of FX at Jefferies LLC, said in an analyst note. "Officials put on a confident face when addressing the markets but the market is starting to think the emperor has no clothes." Turkish President Recep Tayyip Erdogan in mid-April vocally rejected any suggestion of getting help from the International Monetary Fund, a decision
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