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Investors Scramble for Liras as Turkish Swap Rates Touch 1,000%

  • Cost of borrowing currency offshore surges 40-fold in 3 days
  • Bonds and stocks tumble as traders seek other sources of lira
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Turkish Lira Having 'Knock-On' Effect on Broader Assets, JPMorgan's Amoa Says
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Investors dumped Turkish bonds and stocks on Wednesday after the nation orchestrated a currency crunch to prevent the lira from sliding days before an election that will test support for President Recep Tayyip Erdogan’s rule.