13 Aug 2015
Turkish lira slumps to record low as coalition talks fail
FXStreet (Córdoba) - USD/TRY soared to fresh record highs on Thursday as the lira weakened sharply amid reports Turkey could go to elections within 3-months after coalition talks failed.
Turkish coalition talks fail
Turkish Prime Minister Ahmet Davutoglu met with the leader of Turkey's pro-secular CHP party on Thursday for talks to decide whether their opposed parties could form a coalition government, but talks failed after only two hours.
Davutoglu's ruling AK Party lost its majority in elections in June, forcing it to seek a coalition alliance to remain in power. He has until Aug 23 to find a coalition party or face snap elections.
USD/TRY at record high
The Turkish lira depreciated 1.6% and fell to a fresh all time low against the dollar. USD/TRY reached 2.8207 before easing slightly. EUR/TRY rose to its highest since January 2014 at 3.1349.
Turkish coalition talks fail
Turkish Prime Minister Ahmet Davutoglu met with the leader of Turkey's pro-secular CHP party on Thursday for talks to decide whether their opposed parties could form a coalition government, but talks failed after only two hours.
Davutoglu's ruling AK Party lost its majority in elections in June, forcing it to seek a coalition alliance to remain in power. He has until Aug 23 to find a coalition party or face snap elections.
USD/TRY at record high
The Turkish lira depreciated 1.6% and fell to a fresh all time low against the dollar. USD/TRY reached 2.8207 before easing slightly. EUR/TRY rose to its highest since January 2014 at 3.1349.