Turkey Hit By Bank Runs, Currency Panic As Locals Sell Their Cars And Houses To Buy Gold While Lira Implodes

It has been an miserable five years for Turkish citizens who have seen their purchasing power slashed by more than half, and it's only getting worse.

The Turkish lira has cratered against the dollar and most developed currencies, plunging from 3 TRY per dollar, to a record low 7.37 last week after a brief and valiant attempt at imposing shadow capital control by Erdogan (who is now de facto head of the Turkish central bank) failed miserably at the end of July, and not even a draconian hike in overnight funding rates above 1000% last week (to crush the shorts) was able to prevent a plunge in the Lira to new all time lows.

https://www.zerohedge.com/markets/turkey-hit-bank-runs-currency-panic-locals-sell-their-cars-and-houses-buy-gold-while-lira