Turkish Rates Shock Seals Lira’s Longest Retreat Since 1999

Turkey’s lira clocked up its longest weekly slide since 1999, abandoning a tentative rebound after the central bank spooked investors by refraining from an interest-rate hike just when economic and geopolitical risks are mounting.

The ninth week of declines also took the currency closer to the psychological 8-per-U.S. dollar mark, underscoring markets’ concern that the country’s monetary policy remains too loose for its economic and credit conditions.