Hitting the 4/£ mark is, of course, a matter of interest for most of us who are familiar with sterling and use it. But for Turkey the important currency is the $ and it has done even worse against that today. Down 2.25% today (so far). A few minutes ago the Wall Street Journal described this as "a rout". You can't say they are exaggerating. There is now a run on the lira. How far does it have to go before Erdogan is satisfied? If the Turkish CB interest rate drops (what RTE wants) and the US CB rate rises (almost certain) then we could be looking at a really steep plummet.
