On 13 August, the Turkish lira plunged to a record low against the US dollar amid concerns over the health of the economy and renewed tensions with the US. The lira lost around 40 percent of its value as compared to January 2018, causing buyers in Turkey to take bearish positions due to more expensive US dollar imports.
The Turkish government said it will take steps to prop up the lira but the forex market remains volatile for now. Producers in Europe, Middle East and Asia are closely watching this unprecedented crisis in Turkey, a key market for polymers and petrochemicals.
ICIS has unlocked the following news stories which give you access to an extensive coverage of Turkey's falling currency and the effect it will have on the polymers market. It will continue to follow this developing story.
Turkey’s Petkim stands to gain from depreciated lira - bank
17 August 2018
Turkish lira tumble triggers electricity curtailment fears
13 August 2018
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Europe PVC export prices fall on Turkey currency volatility
13 August 2018
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ICIS editor Jonathan Lopez, reports on how the energy and petrochemicals sectors in Turkey have been touched by a crisis as the currency entered a downward spiral as the US and Turkey initiated a trade war, with both countries imposing punitive tariffs on each other.
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