Turkey’s economy at risk as currency hits record low
(Worthy News) – Turkey is trying desperately to halt a collapse in its currency that could trigger an economic crisis just as the country prepares to vote in an election.
The lira has plunged about 20% against the US dollar since the start of the year, hurt by a broader move by investors to switch money out of emerging markets and into the United States.
But the currency crisis escalated rapidly earlier this month after Turkish President Recep Tayyip Erdogan indicated he wanted to take control of setting interest rates, which he described as “the mother and father of all evil.” [ Source: CNN (Read More…) ]
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