August 10, 2018 / 2:53 PM / in 8 months

Turkey's top industry chamber calls for urgent measures over lira

ISTANBUL, Aug 10 (Reuters) - Istanbul Chamber of Industry, Turkey’s biggest, on Friday called for urgent measures to cushion the potential damage of a free-falling lira on real sector, saying the fluctuation has turned into a source of financial instability.

“The foreign exchange fluctuations have reached a point threatening the quality of balance of payments,” ISO Chairman Erdal Bahcivan said in a written statement.

Dragged down by worries over the economy and tensions with the United States, Turkey’s lira fell 20 percent to touch a fresh record low of 7 against the dollar at one point, its biggest-one day drop since Turkey adopted a floating-currency regime in 2001. (Reporting by Ece Toksabay Writing by Humeyra Pamuk Editing by Dominic Evans)

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