The Turkish lira has dropped to an all-time low after a diplomatic row which saw the US double steel and aluminium tariffs against the country. This has sparked fears that Turkey is sliding into a full-blown financial crisis, prompting the central bank to announced that it ‘will provide all the liquidity the banks need’.
Back in May Moody’s said the outlook for Turkey’s banking system was negative due to risks relating to slowing economic growth, ineffective monetary policy, currency depreciation and high unemployment.
