Interest rate rise: Turkey companies fret over lira’s dive
Piotr Zalewski in Istanbul
This year has not been kind to the Turkish lira. Battered by the end of quantitative easing, the political fallout from an inconclusive election and renewed conflict in the country’s Kurdish southeast, the currency has depreciated sharply against the dollar since the start of 2015. The drop accelerated in August after Turkey’s main political parties failed to form a coalition government, paving the way for early elections in November.
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