IT40 News for 08/13/2018

#25 Turkey vows to take legal action against social media accounts ‘provoking’ the plummet of the lira after currency lost more than 40 per cent against the dollar amid row with the US

The Turkish government is taking legal action against hundreds of social media accounts which they claim has 'provoked' the ongoing plummet of the lira.

Turkey's Interior Ministry said it has initiated legal investigations against 346 social media accounts 'which posted content provoking the dollar exchange rate.'

The lira has lost more than 40 per cent against the dollar this year, largely over worries about President Recep Tayyip Erdogan's influence over the economy, his repeated calls for lower interest rates, and worsening ties with the United States.

On Friday the relentless slide turned into a crash: the lira dropped as much as 18 per cent, hitting U.S. and European stocks as investors took fright over banks' exposure to Turkey.

By Monday morning, the lira had pulled back from a record low of 7.24 to the dollar, after the central bank pledged to provide liquidity and cut reserve requirements for Turkish banks. 

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