Economics
Turkey's Markets Plunge Into the Unknown After U.S. Sanctions
- Lira slides past 5 per dollar to all-time low; yields surge
- Investors doubt central bank’s fight to contain inflation
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Turkish markets are plunging deeper into the wild.
Unprecedented sanctions imposed by the U.S., its NATO ally, have added to cross-currents buffeting investors. They’ve already been despairing at policymakers’ failure to contain inflation and stem the slide in the lira under pressure from President Recep Tayyip Erdogan to bolster growth.