Political crisis sent the Turkish lira tumbling

Turkey’s local currency, as well as its stocks and government bonds, plummeted after authorities detained the main political rival of President Recep Tayyip Erdogan on alleged corruption charges—an action the opposition called “an attempted coup.”

On a turbulent day in Turkish politics, the lira fell by as much as 14.5% at its worst point, nearing 43 to the dollar—its lowest level on record—before paring losses to around 37 per dollar.

The currency’s collapse affects cattle prices expressed in dollars. Nonetheless, they remain very high. Carcasses of steers weighing more than 300 kilograms are trading at close to US$10 per kilo, down from over US$11.50 a couple of weeks ago, yet still at lofty levels.

Ekrem Imamoglu, President Tayyip Erdogan’s main political rival, was detained on charges including corruption and aiding a terrorist group, in what the opposition deemed “an attempted coup.”