After the BIST 100 Index of Borsa Istanbul decreased by 200 points in just one hour, the Turkish stock exchange implemented a circuit breaker hours before closing on Friday.

The trading curbs started to be applied on the index basis, according to the statement made by the Borsa Istanbul to the Public Disclosure Platform (KAP) announcing that a hard selling wave pushed for the move.

The decline, which started from 2,380 points at around 3.20 p.m. local time on Borsa Istanbul, reached 220 points in one hour. The index has turned from more than 3% to 5% negative as a result.

The Index-based Circuit Breaker System has been activated, the statement said, and transactions have been temporarily suspended in all lines in the Equity Market of the Stock Exchange, in contracts based on stocks and stock indices traded in the Futures and Options Market and in the Equity Repo Market of the Debt Securities Market.

Turkey's lira on Friday plunged 5% to a record low of more than 16 to the dollar, after the central bank cut rates on Thursday. The currency was by far the worst performing emerging market (EM) unit this week, set for a loss of 13.5%.