Office: Investors Fears and Countries

office: A man leaves a currency exchange office on Monday in Istanbul, according to The Toronto Star. The lira hit another record low overnight forcing Turkey's Central Bank to act to curb the lira's collapse, however the action was not enough to subdue investors fears over the countries financial crisis. The Turkish lira has nosedived over the past week and tumbled another 7 per cent on Monday as the central bank's measures failed to restore investor confidence. Chris McGrath / GETTY IMAGES The currency hit a record low of 7.23 per dollar late on Sunday after Erdogan, in a series of speeches over the week, showed no sign of backing down in the standoff against the United States, a NATO ally. And he threatened to seek new alliances and partners and warned of drastic measures if businesses withdraw foreign currency from banks. Erdogan ruled out the possibility of higher interest rates, which economists say are needed to stabilize the currency. (news.financializer.com). As reported in the news.

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