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There is now a much more formal market framework, and traders are therefore given much greater protection. The currency's meltdown on Friday marked its worst performance since August when a full-blown crisis took hold and tipped Turkey's economy into a recession that could last deep into this year. First of all, currency price depends on its country's economic performance. Middle East Turkey 'to shore up lira via tight supply' through local polls Ankara's stop-gap move to restore confidence in lira helped send London overnight swap rate rocketing to 1, percent.

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