In a trend that has been accelerating all this year, and one that President Recep Tayyip Erdogan has not acknowledged, both the Turkish lira and their sovereign bond market are trading at record levels. The currency has seen almost a 40 per cent devaluation, this week hitting a record 5.4222 to the US dollar. With inflation running at 15 per cent, and a central bank whose hands appear tied by the Erdogan family, it comes as no surprise that the yield on 10-year bonds hit 20 per cent yesterday.
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