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Turkey is going through very troubled time this year. Today Turkish Lira has plummeted to new all-time low as Turkey faced new election this year. Ruling AKP party, which lost majority for the first time in June, since its inception in 2003 and the pro-Kurdish opposition party failed to reach an agreement and talks broke down yesterday, with both calling for fresh election as early as possible.
Gravity of the crisis -
- Turkish Lira to new all-time low, trading at 2.835 against Dollar, down about 22% this year and 32% in last 12 months and 87% in last 5 years.
- The country is at war in two fronts, with Kurdish militia and Islamic state. Recently there was heavy attack at US embassy in Istanbul, capital of Turkey.
- Turkish economy facing worst stagnation since crisis and central bank trying to reign on inflation. Current interest rates stand at 7.5%.
- Turkish 10 year yield is hovering at 9.66%, up 3% since January. Turkey's benchmark stock index is down 10% so far this year.
Expect current rout to continue till clear verdict appears over country's political future.
