Turkey's Failed Coup Creates Lira Risk, Says Toprak
Turkey’s lira declined after policy makers slowed the pace of interest-rate cuts. The currency fell 0.2 percent to 2.9823 per dollar at 2:03 p.m. in Istanbul as the central bank lowered the overnight-lending rate by 25 basis points to 8.75 percent, in line with expectations. Policy makers cut the rate by 50 basis points at each of its last three meetings. Even though attempts to overthrow President Recep Tayyip Erdogan’s government were thwarted, they fueled concern about the nation’s security and the longer-term implications for the economy. HSBC Head of CEEMEA FX Strategy Murat Toprak discusses with Bloomberg's Manus Cranny on "The Pulse" before the rate decision.