February 8, 2023

Taylor Daily Press

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Turkey closes markets after another crash

Turkey closes markets after another crash

The monetary crisis in Turkey reached a new low on Friday. The lira lost 8% of its value on Friday, a day after President Recep Tayyip Erdogan ordered interest rates to be cut despite the country’s hyperinflation – in the face of current central bank policies.

In the wake of the currency collapse, shares in Turkish stock markets fell sharply on Friday. After the Istanbul Stock Exchange 100 Index lost 7 percent of its value, an automated security system started and stopped trading in all stocks and shares twice in an hour.

How Erdogan talked about his currency at the deep end

This did not bring much solace. Immediately after the stock markets reopened in the evening, the stock index fell by two percentage points in two minutes.

“The stock market crash may be the point where Erdogan loses all support,” said Nick Stadmiller, a stock analyst. Bloomberg. For now, the stock markets have escaped all the malaise. But the Turks are now also withdrawing from the stock markets. This can only accelerate the flight of capital out of the country.

In an unusual press release, the head of the Istanbul Chamber of Commerce also said on Friday that he was “stunned” by Erdogan’s monetary policy.

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