The lira tumbled 4% on Friday. At a rally on Sunday, President Erdogan warned the financial industry: 'I will make you pay a very heavy price.'
by Reuters, said it saw a high risk that the lira would decline after Turkish local elections which are set to take place on March 31, and recommended that clients go"long" on the dollar.
Turks have been selling lira for dollars ahead of the election which is leading the country's central bank to boost its reserves,to Ahval. The central bank's net reserves slid $6.3 billion in the two weeks to March 15 to $28.5 billion. Currency issues have had a major impact on the Turkish economy and Turkish companies. Many large Turkish companies have US dollar loans which become increasingly difficult to repay as the lira slides in value and has even caused
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