The Turkish lira was 2.1% weaker against the dollar on Monday after President Tayyip Erdogan dismissed the central bank governor, laying bare differences between them over the timing of interest rate cuts to revive the recession-hit economy.
DUBAI: Major Turkish companies, financial institutions and the government have at least US$16bil in bonds denominated in foreign currency that are due by the end of next year, data compiled by Bloomberg shows.
The amount due by the end of next year is mostly composed of debt issued by Turkish financial institutions, and includes conventional bonds and Islamic sukuk bonds valued at a minimum of US$100mil at the time of issuance.
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