Wu said that according to Bloomberg, Turkey is considering taxing gains from stock and crypto asset investments as part of a fiscal austerity push. Turkish stocks and the lira fell on the news. Sources said that Turkish Finance Minister Mehmet Simsek discussed the plans at a ruling party meeting over the weekend, emphasizing the need for appropriate taxation of all financial income, but no final decision has been made yet. Since Simsek took office a year ago, the Turkish Central Bank has raised interest rates from 8.5% to 50% to control inflation and stabilize the economy. The Turkish government predicts that the budget deficit this year will reach 6.4% of economic output.