Title : Turkey's Currency Rocked After Credit Agencies Downgrade Turkey's Banks
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Turkey's Currency Rocked After Credit Agencies Downgrade Turkey's Banks
Turkish lira banknotes are seen in this picture illustration in Istanbul, Turkey August 14, 2018. REUTERS/Murad Sezer/Illustration/File Photo
Business Insider: The Turkish lira is diving after Moody's warns the worst is yet to come for the country's banks
* Turkish lira slumps once again after Moody's downgrades 20 financial institutions.
* The currency had stabilized after its huge slump earlier in August, but is falling once again.
* By Tuesday morning, it was trading at 6.3 against the dollar.
After a week out of the spotlight, the Turkish lira is once again slumping Wednesday as fears over the state of the country's fragile financial system intensify.
Although still significantly stronger than a few weeks ago, the lira has slumped to 6.45 against the dollar by 12.20 p.m. BST (7.20 a.m. ET) on Wednesday, a fall of close to 3% and a low not seen in around two weeks.
The main catalyst for the move lower appears to be the decision of ratings agency Moody's on Tuesday to downgrade the credit rating of 20 Turkish financial institutions. In downgrading the banks, analysts from Moody's cited what they called a "substantial increase in the risk of a downside scenario," for Turkey's lenders.
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Update #1: Moody's sounds more alarm over Turkey's banks, downgrades 20 firms (Reuters)
Update #2: Traders dump lira after Turkey's economic confidence hits a nine-year low (CNBC)
WNU Editor: Turkey's finance minister (who is also President Erdogan's son-in-law) says there is no need to worry .... Turkey's lira falls again, but Albayrak sees no risk to economy (Reuters).What's my take .... if I was in Turkey right now, I would be moving heaven and earth to get my money out of that country.
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