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Turkish Currency Hits Record Lows Over Fears of Overheating Economy

The Turkish lira Tuesday hit another historic low against the U.S. dollar amid growing financial market concerns that the Turkish economy is overheating.

With elections on the horizon, the government is stoking economic growth. The latest figures saw growth running at over 7 percent, making Turkey one of the fastest-growing economies in the developed world.

But international investors are becoming increasingly alarmed at the cost of such growth, with double-digit inflation and a surge in imports widening Turkey’s current account deficit (the difference between imports and exports).

“Investors are disappointed by the fact the government is pushing growth even faster, rather than addressing …read more