Big day for the lira tomorrow.
Fitch, the global ratings agency, downgraded Turkeys status to BB with a negative outlook. As far as I can make out, this information wasn't released until after the markets had closed on Friday night (13th July).
Another concerning item is that the stock exchange appear to have virtually condoned insider trading - they have suspended the directive that meant folks (or their families), with close connections to a particular company or stock, who trade in that stock using internal information will no longer be investigated.
Those coupled with rampant inflation, uncertainty over the wee fellas son in law's abilities and doubts over the independence of the central bank mean we could be looking at a serious drop in the lira as soon as the markets open tomorrow.
JF