This picture taken on August 2, 2018 in Istanbul shows a display of foreign exchange rates against Turkish liras as people walk at Istiklal avenue. AFP / OZAN KOSE
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Turkish markets are plunging deeper into the wild.Unprecedented sanctions imposed by the U.S., its NATO ally, have added to the crosscurrents buffeting investors.The lira fell as much as 2 percent to an all-time low of 5.0924 against the dollar, extending a slide of more than 25 percent this year.After months of inaction in the face of double-digit price growth, the central bank boosted borrowing costs by 500 basis points starting in April – but the move came too late. Economists estimate consumer prices jumped more than 16 percent in July, a pace that effectively drives inflation-adjusted policy rates down to levels seen at the end of last year, and leaves the nation's assets exposed to the ebbs and flows of foreign capital.
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