The Turkish Lira has broken the psychological exchange rate barrier of 7.5 against the US dollar, despite efforts by the country’s central to support the currency.

Moody’s downgrading of 13 Turkish banks and its negative outlook played a catalytic role in the new record low.
In its report, the ratings agency also warned about the increasing risk of “balance of payments crisis” (code word for bankruptcies) but also increased possibility of capital controls.