Turks Fleeing the Lira, JP Morgan Investigated

Turks are seeking foreign cash as the Turkish lira lost 4% against the greenback last Friday. Already last year the lira lost 30% of its value against the dollar, driving Turkey into recession in the last quarter of 2018.

Turkey is investigating JP Morgan for publishing a report on Friday stating the lira will fall after March 31st elections. ‘Other banks’ will be investigated as well.

In addition to banks the Turkish government is blaming speculators on social media for talking down the economy.

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