Turkey spends record $12bn defending lira after Erdoğan rival’s arrest

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Financial Times 21h ago

Turkey spends record $12bn defending lira after Erdoğan rival’s arrest - Financial Times

Quick Summary:

One Turkish banker said the officials had “lost control” of the market early on Wednesday, adding it had “left a scar” on investors’ confidence.

JPMorgan Chase, a major player in emerging market finance, also noted “lira liquidity was impaired amid large outflows” on Wednesday.

Long-term investors have remained cautious about investing in Turkish assets out of fears Erdoğan will pivot back towards unorthodox economic policies, as he has done in the past.