Turkey Tumult Prompts Lira’s Worst Weekly Retreat Since 2023
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The Turkish lira headed for its steepest weekly drop in nearly two years and stocks slumped as an emergency interest-rate increase failed to halt the currency’s retreat amid mounting political tensions.
The detention of a key opposition politician, Istanbul Mayor Ekrem Imamoglu, rattled investors this week, sending markets into a nosedive on Wednesday and prompting action from the central bank to stop locals from switching their savings into dollars.