
The Turkish currency sank on Tuesday to a record low against the euro, hitting the psychologically key level of three lira to the euro as the country remained embroiled in a deep political crisis. The euro briefly touched 3.0013 lira in early afternoon trading, while the Turkish currency was also trading at 2.1938 to the dollar. The Istanbul stock market also lost ground, sliding 1.32 percent to 67,221.75 points. The stress on financial markets also came amid continuing investor concern about Turkey's external financial position. "Turkey is currently facing a dangerous combination of large external imbalances, higher global yields and escalated domestic political tensions," Finansbank said in a commentary. Official figures released on Tuesday showed some relief however, with the current account deficit for November coming in below market expectations. The current account deficit for the month stood at $3.9 billion (2.8 billion euros), down from $4.1 billion recorded in November 2012, resulting in a contraction of the 12-month rolling deficit for the first time since March, Finansbank said. "The external deficit that Turkey can sustain is much lower now. Therefore, we foresee Turkey’s external deficits to continue to shrink in the forthcoming period, on account of the weakness of the Turkish lira and a likely weakening of the domestic demand as well as the recovery of the global economy," it said.
GMT 19:47 2018 Saturday ,06 January
Global stocks extend rally; London hits record peakGMT 19:22 2018 Wednesday ,03 January
Worldwide stocks start year on a highGMT 10:37 2018 Wednesday ,03 January
Asian markets build on gains, dollar faces further weaknessGMT 17:30 2017 Sunday ,31 December
London stocks end year on record highGMT 18:04 2017 Thursday ,28 December
Miners boost stocks in thin holiday tradingGMT 18:51 2017 Monday ,25 December
Oman’s share index falls on lack of buying supportGMT 08:49 2017 Sunday ,24 December
'Virtual gold' may glitter, but mining it can be really dirtyGMT 17:45 2017 Saturday ,23 December
Madrid stocks sink on Catalan woes; London hits record
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor