Turkey’s lira slid to a record low beyond 5 to the dollar and stocks fell on Thursday, after the United States imposed sanctions on two of President Tayyip Erdoğan’s ministers over the trial of a US pastor accused of backing terrorism.
The White House announced sanctions against Justice Minister Abdülhamit Gül and Interior Minister Süleyman Soylu. It blames both ministers for involvement in the arrest and detention of Andrew Brunson, an evangelical Christian pastor from North Carolina who has lived in Turkey for more than two decades.
The lira hit a record low of 5.0934 to the dollar, recovering to trade at 5.0400 by 1127 GMT. The lira has lost a fifth of its value this year.