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Turkey’s meltdown: what fund managers are saying

As the lira slides, fund managers are worried about capital controls and European banks' exposure - but also say the crisis can be resolved

Turkish President Recep Tayyip Erdogan
Turkish President Recep Tayyip Erdogan Photo: Getty Images

US President Donald Trump dramatically increased the pressure on Turkey on Friday, threatening to double tariffs on the country’s aluminium and steel exports, leading to a fresh slump in the already tumbling lira.

The Turkish lira fell around 16% against the US dollar on the day, from $0.18 to $0.15 as of 3pm BST. It has fallen more than 46% in the past year.

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