How Russia Plane Crisis Could Hurt Turkey's Economy: Lira Falls After Country Downs Russian Warplane
By Michelle Mark @michelleamark m.mark@ibtimes.com on November 24 2015 11:49 AM EST
The news of a Turkish fighter jet downing a Russian plane Tuesday could signal a further slump in the country’s already embattled economy, as it balances its two-pronged war with Kurdish militants and Islamic State group fighters in Syria with rapidly increasing tensions with Russia, the country’s No. 2 trading partner. Turkey’s lira weakened the most out of 24 currencies across emerging markets Tuesday, depreciating 0.6 percent to 2.8679 against the U.S. dollar, Bloomberg reported. Turkish stocks and bonds also fell, while the country’s central bank left interest rates unchanged.
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