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Turkish Lira Is Dropping Fast
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10 Aug 2018 08:30 AM EST

Thomson Reuters The Turkish lira has fallen more than 10% against the dollar after a Turkish delegation in Washington failed to prevent US sanctions. There are concerns that contagion could spread to Europe. The euro dropped below 1.15 against the dollar on Friday. "[The lira] is falling so fast that a parachute is the first thing that comes to mind to prevent the lira smashing into the ground," Bart Hordijk, Market Analyst at Monex, Europe told Business Insider. Turkish President Recep Erdogan and his newly appointed finance minister Berat Albayrak are due to speak at 2 p.m. local time today.

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