Election results shake Turkish markets
Turkish lira hits record low of 2.799 to dollar
As election results indicated the ruling Justice and Development (AK) Party was the winner of Sunday's general election, the Turkish lira hit record low against the dollar and the stock exchange plummeted about 10 percent on Monday.
The lira fell to 2.799 against the dollar in early hours of trading, then fell back to about 2.78 on Monday morning.
The Turkish stock exchange Borsa Istanbul plummeted 8.15 percent in opening session. Then it recovered a little to a loss of about 6.10 percent in early trading hours.
Turkey’s Central Bank cut the interest rates on foreign exchange deposits to control the slide of the Turkish lira.
The bank announced at 09.59 a.m. local time that the deposit interest rate for the dollar was reduced to 3.5 percent from 4 percent and to from 2 percent from 1.5 percent for Euro deposits.
Last Modified: 2015-06-08 08:36:57
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