Protests in Turkey that have led to weeks of turmoil and exacerbated a sell-off in the lira and Turkish stocks have been described as a “hiccup” by the country’s finance minister.
Mehmet Simsek said the month long protests, that have resulted in four deaths and thousands of injuries, were a “mishap” and the nation’s economy is resilient.
Turkey has been hard hit by a sell-off in emerging markets, with the country’s benchmark index falling 24 percent between May 22 and June 24 before recovering this week. The lira fell to a record low of 1.9602 against the dollar on Monday, but it has recovered in recent days as the central bank has intervened to curb volatility and as investors have returned to beaten-down emerging market investments.
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