The devastating earthquake that hit Turkey and Syria on Monday shook the world, killing thousands and destroying buildings.
As of this writing, it is reported that 4,800 people have been confirmed dead with the number expected to continue to rise following several aftershocks.
The Turkish lira touched an all-time low on Monday to around 18.85 against the US dollar, before paring some losses to trade flat on Tuesday.
Turkey's Borsa Istanbul stock exchange halted trading in some stocks, and the main index fell by 4.5%.
Analysts say the earthquake has added to the uncertainty facing the country ahead of elections that may be held in May.
Turkey has lost many international investors in recent years due to volatile financial markets.
It is exacerbated by the economic and monetary policy of the central bank which is not 'normal' like others, where interest rates are lowered in the face of soaring inflation.
Recent data shows that inflationary pressures are beginning to ease, rising to 57.68% in January, down from a peak of 85.51% in October 2022.
With Turkey still struggling with global economic uncertainty, an earthquake disaster is seen to further weigh on the economy and financial markets.
