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Turkey’s Lira Slides Amid Questions Over Currency-Defense Tool

  • President Erdogan says currency will stabilize ‘gradually’
  • Lira has weakened more than 35% this year against the dollar
Shoppers on Istiklal Street in Istanbul, on Dec. 20.

Shoppers on Istiklal Street in Istanbul, on Dec. 20.

Photographer: Moe Zoyari/Bloomberg
Updated on

Turkey’s lira snapped a five-day rally, challenging government assurances that it’s on a more stable footing after measures were introduced a week ago to stem its collapse. 

The currency slipped 7.2% to 11.4665 per dollar as of 6:37 p.m. in Istanbul after trading as weak as 11.5831 earlier. The decline took the lira’s drop this year to more than 35%, the sharpest depreciation of any emerging-market currency during 2021.