This week’s decline in the currency is the biggest in almost two years and takes 2018 losses to 10 percent.REUTERS
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The Turkish central bank's repeated failure to catch up with inflation has left the country's assets at the bottom of the emerging-market pile.Any pain in Turkey's markets starts with the lira and this time is no exception. This week's decline in the currency is the biggest in almost two years and takes 2018 losses to 10 percent. The yield on lira assets implied by forward contracts jumped to a nine-year high Thursday.The index has lost 16 percent since January, suggesting that investors aren't too keen to pay a higher premium to own Turkish equities.Investors pay no more than 4.4 liras ($1.05) for every lira of profit at Turkish banks in the next 12 months.
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