Turkish Lira plunges amid military coup attempt
Fri Jul 15 2016
Jim Andrews (456 articles)

Turkish Lira plunges amid military coup attempt

 Turkey’s currency plunged late Friday as the country’s prime minister said the military has attempted a coup.

The Turkish lira declined 5% against the U.S. dollar, a dramatic move for a major currency. Reuters reported the Turkish military said in a statement that the military has taken over the country.

Reports about unusual military activity emerged on Twitter shortly before U.S. markets closed on Friday. Those early reports caused the iShares MSCI Turkey ETF (TUR) to close down 2.5%. The ETF, which tracks Turkish stocks, plunged another 6% in after-hour trading.It wasn’t clear who actually has control of Turkey, a NATO ally of the U.S.

Turkish Prime Minister Binali Yildirim, quoted in state news agency Anadolu, said a “group within the military” made an attempt against democracy. But he said the attempt will not be allowed.

The U.S. embassy in the Turkish capital of Ankara confirmed low-flying military jets flying above Ankara and Istanbul for at least an hour. The embassy also said traffic in two of Istanbul’s main bridges were closed by the military.

Jim Andrews

Jim Andrews

Jim Andrews is Desk Correspondent for Global Stock, Currencies, Commodities & Bonds Market . He has been reporting about Global Markets for last 5+ years. He is based in New York

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