Turkey’s lira hits a record low against US dollar amid possible American sanctions
Turkey’s lira has weakened to a new record low against the dollar after a media report indicated that the US could be laying the groundwork for possible sanctions amid a diplomatic row between the two countries.
The lira extended its fall to touch a new record of 5.00 against the dollar on Wednesday, according to Thomson Reuters data.
The fall comes after Bloomberg reported that the US has drawn up a list of entities and people to target if it moves to fulfil US President Donald Trump’s threat to aim “large sanctions” at Turkey over its prosecution of an American pastor.
A state department official confirmed to the FT that Magnitsky Act sanctions “were being looked into” for Turkey.