Turkish Lira plunged after election results
NEWS CENTER - The Turkish Lira 5 per cent to hit a record low of 2,8085 to the dollar and 3,11 to the Euro in response to the AK Party losing its majority after elections.
The Turkish lira plunged to an all-time low against US dollar and Euro on Monday after election results.
The markets tumble after election results emerged a coalition government .The Turkish lira plunged against the Dollar low of 2,8085 and the Euro 3,1162.
Meanwhile, Turkey's benchmark BIST 100 Stock Index was down 6,2% after having tumbled more than 8% immediately after the open, while 10-Year government bond yields jumped 4,3 basis points, or 4,69%, to 9,59%.
Turkish central bank intervened to lift the Lira from the deepest stage. Central Bank intervened in foreign exchange markets directly after the Lira saw record lows.
The central bank said the foreign exchange deposit short term interest rate has been reduced from 4 percent to 3.5 percent for dollar deposits and from 2 percent to 1.5 percent for those in euro.
After Central Bank intervention by 14.24 the Dollar is2,7461 and the Euro is 3,0935 and BIST is 78,234 (ILKHA)