Lira Drops More Than 1% After Erdogan Threat Against Envoys By Bloomberg

Lira Drops More Than 1% After Erdogan Threat Against Envoys

Global Oct 25, 2021 06:44

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Lira Drops More Than 1% After Erdogan Threat Against Envoys

(Bloomberg) -- Turkey’s lira weakened as the country’s latest diplomatic spat gives traders another reason to sell the already battered currency.

The lira weakened as much as 1.5% in early Asian trading and stood 0.9% lower at 9.7282 per dollar at 10:57 p.m. in Istanbul.

The move followed President Recep Tayyip Erdogan’s threats on Saturday to expel ambassadors of 10 foreign countries, including those of the U.S. and Germany, after they demanded the release of Osman Kavala, a Turkish businessman and philanthropist.

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