Home » World » Istanbul Stock Exchange Stops Due to Lira Fall

Istanbul Stock Exchange Stops Due to Lira Fall

Turkey continues to devalue national currency

The only Turkish stock exchange twice automatically stopped trading due to the strong fall in the index.

The Istanbul Stock Exchange on Friday, December 17, suspended trading twice after a wave of selling that brought down the main BIST100 index. According to the press service of the exchange, trading was stopped automatically.

“As of 16:24 (15:24 Kiev time), the automatic system was activated. Transactions were temporarily suspended in all areas of the stock exchange: in transactions in shares, futures and options, as well as in repo trading in shares and debt securities,” – the message says.

A similar procedure was repeated at 16:54.

According to the publication Earth, the BIST100 index lost 220 points in an hour and fell to 2,160. At the time of the stoppage of trading, the index fell by 5%. Later, the decline accelerated to 7%.

The fall in the index occurred against the backdrop of another record collapse of the Turkish lira to 16.8 per dollar. In this regard, the Central Bank has already undertaken the fifth foreign exchange intervention in the past two weeks, which has not yet helped to change the situation. Lyra keeps falling after the decision of the Central Bank to reduce the key rate from 15% to 14%.

O financial crisis in Turkey and the fall of the lyre read in the material Correspondent.net.

News from Correspondent.net in Telegram. Subscribe to our channel https://t.me/korrespondentnet

– .

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.