A few weeks ago, a "Committee for Replacing the Currency" sprung up in Aleppo, which was and still is Syria's vital economic powerhouse, to devise a new mechanism that would replace the Syrian pound with the Turkish lira
in opposition-controlled areas -- Aleppo, Idlib, Hama and Homs provinces.
The meltdown in the Turkish lira
reflects the rising political, inflationand banking risk in a country once viewed by offshore fund managers as the "Anatolian tiger on the Bosphorus".
091 trillion Turkish liras
($509 billion) in the week ending June 27, Turkey's Central Bank said in its weekly bulletin Thursday.
How could any investor in his right mind invest in Turkish lira
bonds knowing that Ankara has only $40 billion in central bank reserves (two months import cover) but must finance $210 billion in 2014 alone Turkey was a sovereign Lehman, a financial Vesuvius waiting to explode and burn EM with molten rivers of lava, with its $70 billion current account deficit financed by offshore hot money that flees in panic at the speed of light.
A man counts Turkish liras
at a stock-exchange office
Analysts have reported that the Turkish lira
could fall further still with Turkey also possibly being at risk of a credit crunch as its current account deficit makes it vulnerable to outside forces, including the US tapering of its monetary stimulus.
Holidaymakers changing PS500 into Turkish lira
can expect to receive around PS30 in extra spending money, Travelex said.
9 billion is being held for Turkish lira
The Turkish lira
might attract renewed investor attention.
According to Shavasb Bohjdalian, CEO of Eurivex, a company that offers trading platforms that include the Turkish lira
, the Turkish lira
has dropped by 18.
Post Office Travel Money's Sarah Munro said: "Sterling is riding high against the Turkish lira
and has hit its highest point since May 2007.
Do we take Turkish lira
and/or should we have any euros or pounds?