The Turkish lira has hit a historic low at 48.8 per dollar, representing an 18 % depreciation over one year. The Istanbul Stock Exchange fell 9 % in three sessions, triggering an automatic trading halt. The Turkish regulator ordered the liquidation of 131 investment funds representing 18 billion dollars and affecting nearly 353,000 investors. Inflation remains above 30 % despite a benchmark rate of 37 %, pushing savers toward gold and cryptocurrencies: gold purchases reached a record 4 billion dollars in the first quarter and, according to the IMF, between a quarter and half of Turkish households hold crypto assets.
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