Turkish Lira Falls Sharply After AK Party Lost Its Parliamentary Majority

A money changer uses a machine to count Turkish liras in the border city of HatayTurkey’s financial markets were rattled on Monday with the lira tumbling to a record low against the dollar and government bond yields surging after the country’s AK party lost its parliamentary majority after 13 years in power.

 
The stock market fell by more than 8 per cent after Sunday’s election brought an end to years of single-party rule and spelt the end to president Recep Tayyip Erdogan’s campaign Sinan Ulgen Best outcome for Turkey.

 
The lira fell by 5 per cent against the dollar to 2.79 lira. The main Turkish stock market index, the BIS 100, was down more than 7 per cent at 75,950, after recovering slightly from an initial plunge of 8 per cent.

 
It was the first time the index had fallen below 80,000 since March.

 
Yields on the country’s 10-year benchmark government bond rose from 9.32 per cent on Friday to 9.94 per cent on Monday as investors sold Turkey’s sovereign debt.

 
AKP support fell to 41 per cent, from almost 50 per cent in the previous general election four years ago, based on results from almost 100 per cent of polling booths.

 

 

 

 

33 Comments

  • 먹튀 Reply

    28 January 2021 at 04:46

    Good day! I simply want to give you a big thumbs up for the great information you have got right here on this post. I’ll be returning to your blog for more soon.

  • visio 2016 windows 10 Reply

    30 January 2021 at 21:18

    Today, while I was at work, my cousin stole my apple ipad and tested to see if it can survive a forty foot drop, just so she can be a youtube sensation. My apple ipad is now destroyed and she has 83 views. I know this is completely off topic but I had to share it with someone!

Leave a Comment