Zero Hedge: Turkey Halts All Stock Trading As Currency Disintegrates, Central Bank Powerless To Halt Collapse
Another day, another collapse in the Turkish lira, only this time there was a twist: as the hyperinflating currency implodes, Erdogan has finally had enough of the relentless pummeling, and is starting to shut down Turkey's markets.
But first, let's back up: heading into Friday, the lira accelerated its historic descent, weakening past the 16 per-dollar mark for the first time ever, as the central bank's pledge to end a four-month cycle of interest rate cuts on Thursday failed to convince investors that inflation can be brought to heel.
That was just the start however, and the currency plunge only accelerated crashing as low as 17.14 just hours later, bringing declines this week to 17%. YTD the currency has lost more than half of its value!
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Turkey Halts All Stock Trading As Lira Disintegrates
Turkey Stock Rout Triggers Circuit Breakers Twice in an Hour -- Bloomberg
Turkey: Stock trading halted twice as lira crashes to new low -- Al Jazeera
Turkish stock market halts trading as lira crashes -- RT
Turkish lira dips to new low after another interest rate cut -- AP
Turkey’s currency crisis deepens after Erdogan’s latest rate cut -- CNBC
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