A woman counts U.S. dollar and Turkish lira banknotes at a currency exchange office in Istanbul, Turkey, Jan. 28, 2014. (AP Photo/Emrah Gurel)
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Turks hoard dollars as lira rout enduresTurkish households and firms are hoarding dollars, suggesting they have little faith the lira will be spared a further emerging markets sell-off despite a massive rate hike this week.It is still some way from Monday's record low of 2.39, however, trading at 2.2735 to the dollar.Locals' forex holdings rose 2 percent to $122 billion in the week to Jan. 24, jumping 13 percent year-on-year, according to data from the central bank released on Thursday, suggesting they are not selling dollars as they did in the past in currency crises to benefit from a cheaper lira.
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