Turkish Lira Weak amid Corruption Scandal

The Turkish lira depreciated today after the corruption scandal in the Middle Eastern country made overseas investors reluctant to bring money into the country.

The government dismissed 14 police chiefs after several officials and their relatives were detained in an inquiry into graft and corruption. Some politicians tried to lay blame on outside forces that want to damage Turkey’s reputation. Such events create environment that is definitely not healthy of investment, damaging the appeal of the Turkish currency.

USD/TRY was up from 2.0741 to 2.0884 as of 16:44 GMT today and touched 2.0984 intraday.

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