For a long time, Ankara had eroded foreign currency reserves worth near 100 billion to hold the rate. Now, it has come to the end of the road. It has spent its last penny and left the rate to the markets. Thus, the “unheard of” invented exchange rate regime has collapsed.
Foreign investment in Istanbul's stock exchange fell below 50 percent for the first time since 2004, daily Sözcü reported. Almost four billion dollars have reportedly been sold out of the exchange in the first six months of 2020.