Turmoil in Turkey’s financial markets after currency crackdown

Istanbul stock market plunges as President Erdoğan tries to stop lira being lent abroad

Financial markets in Turkey have experienced a fresh period of turmoil, putting the country’s recovery from recession at risk and raising questions over the health of emerging markets as the world economy slows.

President Recep Tayyip Erdoğan’s government heaped pressure on Turkey’s banks on Wednesday to stop them lending the lira to overseas financial institutions, in a move that triggered the cost of offshore borrowing in the Turkish currency to surge by more than 1,000% overnight.

Related: Turkey may be the spark that lights a fire in the world economy | Larry Elliott

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