We’ve talked before about the Rand’s unexpected resilience in the face of a crisis in emerging market currencies. But as South Africa ponders a path to growth, the crisis in Turkey holds some important lessons – and some important warnings.
The political and financial crisis in Turkey is deepening. The Turkish lira fell as much as 10% against the dollar in early trading on Monday, and it’s down over 40% this year. The contagion effect of the lira’s collapse is spreading.