EM currencies slip after Erdogan’s shove

Turkey sent shockwaves through parts of the financial markets this week, with the lira plunging to the lowest it has ever been against the dollar following comments from president Recep Tayyip Erdoğan about increased political sway over the central bank. The struggle of the lira and other EM currencies is weighing heavily on the capital markets.

  • By Francesca Young
  • 16 May 2018

The lira dropped to Tl4.45 to the dollar on Tuesday, sovereign dollar bonds were 30bp wider. Turkish bank paper was 50bp wider.

Other EM currencies are also struggling, with the Brazilian real, Chilean peso and Colombian peso all taking hits. The South African rand weakened too, to above ...

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5 Deutsche Bank 23,248.09 89 4.98%

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