Turkish Lira Hits Record Low amid Political Crisis

The currency fell to 2.1467 lira to the dollar while the Istanbul stock exchange, the BIST 100, dropped 3.76 percent around 0910 GMT Friday, after having dropped 2.33 percent Thursday and 4.2 percent Wednesday, AFP reported.

This happens as three Turkish ministers resigned over a high-level corruption crackdown during which the sons of three cabinet ministers and renowned businessmen were arrested on Wednesday.

Economy Minister Zafer Caglayan , Interior Minister Muammer Guler and Enviornment Minister Erdogan Bayraktar announced their resignations, according to Turkish media reports.

Caglayan's son Salih Kaan Caglayan and Guler's son Baris Guler were among the people arrested last week on graft investigations, which Recep Tayyip Erdogan, Turkey's prime minister, called a "dirty operation" to smear his administration and undermine the country's progress.