Turkish lira skids past 5 to dollar on US sanctions move
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ISTANBUL - Turkey's lira tumbled to a record low beyond 5 to the dollar on Thursday, after Washington imposed sanctions on two of President Tayyip Erdogan's ministers over the trial of a US pastor accused of backing terrorism.
The sell-off, which also hammered local stocks and Turkey's debt risk profile, reflected deepening investor concern over tensions with the United States, a NATO ally and major trading partner.
The US Treasury Department announced sanctions against Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu. It said they played leading roles in organisations responsible for the arrest and detention of Andrew Brunson, an evangelical Christian pastor who has lived in Turkey for more than two decades.
