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Turkey’s 'big bosses' gather courage to speak out on economy

Turkey’s most powerful business group, TUSIAD, long silenced by the government, seems to be regaining its voice as the country’s economic downturn worsens.
A money changer counts Turkish lira bills at an currency exchange office in central Istanbul, Turkey, August 21, 2015. REUTERS/Murad Sezer/File Photo - RTSKTP9

The Turkish economy has entered serious turbulence, stoked by the outcome of the US presidential elections and the prospect of a rate hike by the US Federal Reserve in December. In the most glaring manifestation of the upheaval, the Turkish lira has nosedived against the dollar.

The depreciation of the Turkish lira has outstripped the slump in the currencies of other emerging economies and remains far from being contained. Over the past month, the Mexican peso and the Turkish lira have suffered the worst free falls against the greenback. In Brazil, rated the riskiest emerging economy, the real has been the biggest loser, after the Turkish lira. The currency of South Africa, a country neck and neck with Turkey in terms of risk, and the currencies of other fragile economies, including Russia and Indonesia, have also lost value, but not as much as the Turkish lira.

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