P.A. Turkey

Lira Drops After State Bank Interventions Fail to Contain Risks

Turkey’s lira is headed for its biggest weekly drop since the start of the year, after heavy interventions by state lenders in the past few days failed to stem losses as investors fled risky assets amid rising geopolitical tensions.

The lira has fallen 3.9% this week to 14.1970 per dollar, making it among the worst-performing emerging-market currencies tracked by Bloomberg. Only Russia’s ruble and the currencies of two other Eastern European countries, Poland and Hungary, have fared worse amid Russia’s attack on Ukraine.