Turkish Markets Seek New Equilibrium After Sharp Drop
The lira weakened 4.1% in March.
Photographer: Kerem Uzel/BloombergThis article is for subscribers only.
The Turkish lira and bonds are headed for their worst monthly declines since 2023 as markets seek to find new equilibrium levels in the wake of last week’s rout, sparked by the detention of President Recep Tayyip Erdogan’s biggest rival.
The lira weakened 4% against the dollar in March, the most in 21 months, with about 3% of that coming last week. Yields on government bonds are set for their biggest jump since September 2023, while Turkish stocks are due to decline for a second straight month.