The Turkish stock market today (22) for the first Time ever meltdown mechanism, and also meltdown twice, in addition to the Turkish lira exchange rate also plunged 15%, experts said that all this is related to the President Ayer paragraph to remove the central bank president.
Turkey’s Istanbul index opened on March 22, local time that plunged 6.65%, the Istanbul Stock Exchange announced the start of the meltdown mechanism, has been melted until 10:30 that morning. However, after the stock market resumed trading at 10:30 a.m., it still plunged to 7%, triggering the meltdown mechanism again. As of 12:20 a.m. that day, the Istanbul Index fell by 9.5%, and if the fall of the day expands to 10%, a third meltdown will be initiated. This is the first time since the Turkish stock market introduced the meltdown mechanism in October 2020 to trigger a meltdown.
The Turkish lira also plunged against the U.S. dollar in the early hours of March 22, local time, falling by 15% at one point. It recorded the biggest drop since August 2018.
Analysts say the dismissal of Abar, the former governor of Turkey’s central bank, is the main reason for the lira’s plunge.In the early hours of March 20, the Turkish government issued an official announcement signed by President Erdan, announcing the appointment of Cavzheoglu as the new governor of Turkey’s central bank and the dismissal of Abar, the former governor.
Turkish stock market meltdown today (22) for the first time in history, melted twice that day.
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