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Turkey: Bonds, Lira and Stocks Fall Following Court Decision to Annul Use of Headscarf
06/06/2008

Source: news.bbc.co.uk

Turkey's lira fell 1.1%, bond yields hit a January 2007 high and stocks fell Friday as investors awaited the Islamist-rooted ruling AKP's reaction to the top court's ruling to annul constitutional amendments that would allow women to wear the Muslim headscarf at Turkish universities.

Analysts said the ruling on the headscarf issue, which sits in the center of the closure case against the AKP, increased chances of the party being banned.

The sell-off in the markets pushed yields on benchmark bonds to over 20.5%, the highest since January 2007. The Istanbul Stock Exchange closed the first session 1.22% down, and lira dropped to 1.2430 per dollar from 1.2300 before the ruling.

The top leaders from AKP will meet to discuss the party's response to the ruling. An aggressive response from the AKP would undermine market confidence further, analysts said, as it would signal more political turmoil.

Hurrieyt, Turkey, June 6, 2008

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