Global Perspectives: TRYing to Fool Investors in Turkey

Foreign Exchange - Global Perspectives
David Atkinson
TRYing to Fool Investors in Turkey
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Currency dynamics are often intriguing, even in the day-to-day. But what has been unfolding this week in Turkey truly rises to the level of financial drama.
Over the weekend there was an election in that country. And while President Recep Tayyip Erdogan's ruling Justice and Development Party, known as AK Parti, won a majority of votes, it lost elections in the major cities, which amounted to a fairly resounding defeat.
Leading up to the election, foreign exchange markets were watching a bizarre drama play out with the Turkish lira. The currency code for the Turkish lira – TRY – took on new meaning. Last week, a lot of investors were trying to sell out of their Turkish lira positions. In addition to the upcoming election, the country's international reserves had fallen as the government tried to prop up its currency ahead of the vote.
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