From South Africa to Argentina, currencies have been hit by a combination of domestic troubles, the soaring dollar and increasing global trade frictions. In Turkey, the government and central bank face a conundrum, analysts say. A sizable and long-awaited interest-rate rise in Turkey cheered some investors about the country's ability to address its economic problems. Past transactions in foreign currencies must be converted to lira within 30 days at rates to be agreed between parties, the ruling said. “Those who don’t deal with import or export shouldn’t cross paths with foreign currencies,” Mr. Erdogan said in a televised speech from Ankara.

Source: Wall Street Journal September 13, 2018 08:18 UTC