Conflicting statements on liquidity by country’s second largest lender raise eyebrows.
Some local economists argue the link between the two currencies is very much a political phenomenon that is not grounded in good economics.
The fast fashion business model revolutionised mass market retail in the 2000s but as Western markets become saturated the heady rise in profits is slowing, causing retailers to look to Eastern Europe and other emerging markets.
The Turkish currency crisis is not expected to cause contagion in other emerging markets but it has hurt the currencies of its regional neighbours where it plays a more important role via trade, banking and investment links.
Emerging market currency likely feeling impact of souring sentiment on sanctions-hit Russia and dumping of Turkish lira.