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Turkey and the rising risk of (another) currency crisis

The huge hit to Turkey’s balance of payments position from the coronavirus crisis and the evaporation of investors’ confidence in policymakers makes the risk of a currency crisis like that seen in 2018 increasingly likely. Worryingly, the banking system is in a much weaker state to face a period of extreme stress than it was a couple of years ago.
Jason Tuvey Senior Emerging Markets Economist
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