(UTV|COLOMBO) – Turkey has pledged it will take action to calm markets after the lira plunged to a new record low in Asian trading.
The details would be unveiled shortly, the country’s Finance Minister told Turkish newspaper Hurriyet.
“From Monday morning onwards our institutions will take the necessary steps and will share the announcements with the market,” Berat Albayrak said.
The lira lost 20% of its value versus the dollar on Friday. It had already fallen more than 40% in the past year.
The latest blow came on Friday, when United States (US) President Donald Trump said he had approved the doubling of tariffs on Turkish steel and aluminium.
Concerns about contagion prompted investors to sell riskier assets on Monday including emerging market currencies and stocks in Asia.
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