Turkish Lira Plummets amidst Corruption Scandal

World | December 28, 2013, Saturday // 10:50|  views

The turmoil on the markets in Turkey has been accompanied by mass street protests demanding Prime Minister Erdogan's resignation. Photo EPA/BGNES

The deepening crisis in Turkey has dealt another blow to the country's financial markets on Friday.

According to Financial Times, investors are weighting the implications of a corruption probe that is coming closer to Prime Minister Recep Tayyip Erdogan's own family and is threatening to engulf the construction sector.

On Friday, the Turkish lira plummeted to a new record low of 2.1765 against the dollar, bringing its losses since the launch of the probe to almost 6%, although the central bank has increased support for the country's currency.

The turmoil on the markets has been accompanied by mass street protests demanding Erdogan's resignation.

Antigovernment protesters clashed with riot police Friday evening in the vicinity of "Taksim" square in Istanbul, while thousands of people held rallies in support of the Turkish leader.

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Tags: corruption, Recep Tayyip Erdogan, turkey, Turkish, lira, financial markets, markets, protests, rally


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