The Pak Banker - - COMPANIES/BOSS -

Turk­ish mar­kets ex­tended declines, send­ing the cur­rency be­low 3 per dol­lar for the first time, as do­mes­tic po­lit­i­cal tur­moil and a rout in emerg­ing mar­kets deep­ened.

The lira has weak­ened 22 per­cent this year, mak­ing it the year's sec­ond-worst emerg­ing­mar­ket cur­rency fol­low­ing in­con­clu­sive elec­tions in June and mil­i­tant vi­o­lence that reached the cap­i­tal Is­tan­bul Wed­nes­day. Fac­ing an eco­nomic slow­down, the cen­tral bank left in­ter­est rates un­changed this week and Pres­i­dent Re­cep Tayyip Er­do­gan may call a new vote as soon as Oc­to­ber.

"No­body wants to catch the fall­ing knife," Akin Tuzun, an an­a­lyst at VTB in Moscow, said by e-mail. Cur­ren­cies in de­vel-

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