Marcus Ashworth, Columnist

Turkey's Lira Didn't Get the Memo on Rate Hikes

Worries about Erdogan’s policies are far more important for the currency than central bank noises about interest-rate increases.

June 4, 2018 at 3:00 AM UTC

Corrected

June 4, 2018 at 7:04 AM UTC

By Marcus Ashworth

Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. Previously, he was chief markets strategist for Haitong Securities in London.

Selling is treason?
Photographer: Kerem Uzel

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Seeing is believing.

After a nearly 20 percent selloff in the Turkish lira this year versus the dollar – inflation in double digits and political interference in the central bank are to blame – it is understandable that the currency is not acting like it’s expecting a rate hike.