The Turkish lira is the lowest since the currency crisis

The Turkish lira dropped by more than 0.8 % on Thursday, and reached its lowest level since September 2018 after the spread of the coronavirus in the country.

The Turkish lira reached 6.5370 against the dollar at 10.55 GMT, the lowest level since the currency crisis two years ago.

The currency market closed at 6.4825 on Wednesday, as it lost about 8.5 % of its value against the U.S. dollar.

The analyst Jason Tofey from the Capital Economics Research Center told Reuters: "The overall result is that the Turkish economy will contract sharply in the second quarter of the year."

Turkey announced the second death from the coronavirus on Wednesday, and said that the disease cases almost doubled to 191, intensifying steps to contain its spread, blocking cafes, preventing the group prayer and stopping flights to 20 countries.

The main stock index increased by 0.2 %, while the banking index decreased by 0.3 %, and the shares of Mavi Jim and Faco Textil decreased by 6.71 % and 6.01 % respectively.

The shares of the commercial vehicles factories of "Ford" fell 8.47 % on Thursday after saying that it would suspend production for two weeks in three factories.

And the automobile company "Ford Automotive," the Turkish branch of the American auto industry group "Ford Motor Corp" announced to stop production in its three factories in Turkey against the backdrop of the crisis of the spread of the new Corona virus.

Bloomberg news agency quoted the company as saying that it was decided to stop working in the Golcuk and Eskişehir Yenikoy factories in Turkey, where work will be stopped in the Yenikoy and Eskişehir factories starting on March 23, the production of the Custom vehicle in the Golcuk factory will be suspended from tomorrow, as well as the production of the Transit car at the same factory starting from March 23.


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