Related: Do You Have Any Turkish Stocks In Your Portfolio?

“As quickly as the issues escalated in the last four to five weeks, a solution could be found, (through) assurances from the central bank on what they’re doing,” Tomas Kinmoth, fixed income strategist at ABN Amro, told CNBC. “It’s in the Turkish government’s hands to show how the central bank can be independent.”

Additionally, retail traders sold an estimated $50 million to $60 million in foreign exchange Tuesday. The lack of trading liquidity also added to the lira’s move.

For more information on the Turkish markets, visit our Turkey category.

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