Turkey: First Local Elections, Then Economic Crisis

TurkeyDemo, cc Flickr Andreas Trojak,modified, https://creativecommons.org/licenses/by/2.0/

New data out of Turkey has investors worried about a repeat of last year’s currency crisis.

According to a recent disclosure by the Central Bank of the Republic of Turkey (CBRT), foreign reserves dropped by 13 billion lira last week, adding to a monthly drop of 45.1 billion lira. In dollar terms, that’s equal to a roughly $10 billion dollar drop in March.

If this pace were to continue, Turkey would exhaust its entire remaining $25 billion stock of foreign reserves in less than three months.

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