Turkey’s lira hits record low after massive earthquake

Turkey’s Lira hit a new record low on Monday early trade as the exchange rate fell to 18,85 against the dollar, following 7.8 magnitude earthquake hit central Turkey and northwest Syria.

The country’s main equities benchmark dropped as much as 4.6 percent with banks tumbling more than 5 percent before paring some losses with key indexes down around 2.5 percent by 9 GMT.

Borsa Istanbul has announced that it had temporarily halted transactions in shares of several companies in the earthquake zone, though trading was expected to resume later.

Last time Turkish lira has reached record low was on 26th of December when it fell to 18,844 against the dollar, as it lost about 1 percent of its value since the beginning of the year.

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