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Turkish Minister Concedes Lira Rally Decimated Small Investors

  • Retail investors couldn’t avoid losses during lira’s comeback
  • Currency swung wildly Monday as Erdogan unveiled measures

The Turkish lira’s unprecedented rally early this week caught recent buyers of foreign currencies unawares, and the government acknowledged those harmed most were small investors.

Foreign currencies were still being purchased “when the lira dropped to 15, 16, 17 per dollar,” Treasury & Finance Minister Nureddin Nebati said in a live interview with local broadcaster NTV late Thursday.