Lira Sinks Most in Emerging Markets Amid Power Grab
- Turkey's currency depreciates for fourth straight day
- AK Party to seek `mini' constitutional change: Erdogan adviser
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The Turkish lira led losses across emerging markets and stocks fell on mounting concern President Recep Tayyip Erdogan’s attempts to tighten his grip on power will make the nation’s economic and monetary policies less predictable.
The currency, which has weakened all but one day this month and wiped out this year’s gains, dropped 0.5 percent to 2.9644 per dollar as of 4:18 p.m. in Istanbul, the most among developing nations. The ruling AK Party will push in June for a “mini-constitutional change package” that will allow the president to also be its leader, said Burhan Kuzu, a member of the party’s central board and a former adviser to Erdogan. The Borsa Istanbul 100 Index declined a second day.