The Turkish currency fell to a fresh all-time low on Sept 17, continuing a streak of daily declines against the US dollar. The lira reached approximately 49.65 per dollar, contributing to a broader financial crisis that saw the Borsa Istanbul 100 Index plunge 6% on Sept 16, marking its worst 2 day drop since March 2025 and triggering a market wide circuit breaker.

Turkey's market regulator ordered the liquidation of funds managed by seven firms, including Tera Portfoy and Pusula Portfoy, and filed criminal complaints against dozens of people for share price manipulation. These measures follow a liquidity crisis in which some money market funds failed to meet investor redemption requests, driving 10 year bond yields to 32.87% despite a 37% central bank policy rate.