Home / Mumbai / Mumbai News / Article /
Turkish lira weakens as US threatens more sanctions against the country
Updated On: 18 August, 2018 09:23 AM IST | Mumbai | Priyanka Dharwadkar
Even as US threatens more action against Turkey, mid-day breaks down the ongoing diplomatic spat and its impact on global markets
Listen to this article :
Caricature/Uday mohite
The Turkish lira is not in the pink of health, and as a result, it's corporate sector that had borrowed heavily in dollars faces debts it is unlikely to be able to repay, besides a looming banking crisis that will stoke the country's high inflation rate and could push the economy into a recession.
Experts have blamed President Recep Tayyip Erdogan's bizarre and idiosyncratic economic strategies for the mess. And as ever, US President Donald Trump is always ready to make matters worse — he has doubled import duties on steel and aluminium, sending lira into a free fall, threatening to impose more economic sanctions. And global markets are feeling the heat of this soured friendship, as a host of currencies, including the rupee, fell to their all-time lows on the back of lira.
Read Next Story
Trending Stories
Latest Photos
Latest Videos
Latest Web Stories
ADVERTISEMENT
Mid-Day Fast
ADVERTISEMENT
ADVERTISEMENT