Turkey's currency slid to a record low against the dollar today, due to simmering tensions in world stock markets and worries about the effect of the global financial crisis on the country's economy, according to AP. The Turkish lira weakened to 1.7900 against the dollar at midday Friday, after closing at 1.7520 on Thursday. Experts said the currency's fall was due to the shake-up in financial markets _ driven this week by fears of more major companies collapsing, particularly in the U.S. _ which is driving investors away from the higher-risk emerging markets such as Turkey. «It is the result of developments concerning General Motors and the global crisis that has been ongoing for some time,» Industry and Trade Minister Zafer Caglayan said of the lira's plunge against the U.S. currency. The Turkish lira has weakened some 15 percent against the dollar since the start of the year.
