Turkey tries to contain crisis, but currency keeps falling [MSN Money]
The Bank of New York Mellon Corporation (BK)
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Source: MSN Money
Turkey's central bank took action Monday to free up cash for banks as the country grapples with a currency crisis sparked by concerns over President Recep Tayyip Erdogan's economic policies and a trade and diplomatic dispute with the United States. Load Error The Turkish lira has nosedived over the past week and tumbled an additional 7 percent Monday as the central bank's measures failed to restore investor confidence. The uncertainty pushed down world stock markets and briefly caused a sharp drop in the currencies of other emerging economies, like South Africa and India, amid concerns that the financial trouble could spread. The lira hit a record low of 7.23 per dollar late Sunday after Erdogan remained defiant in his economic policies and the standoff against the United States, a NATO ally. Turkey is faced with an economic siege, Erdogan said Monday, in the latest of a series of speeches. We are taking the necessary steps against these attacks and will continue
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