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25.11 - 13:37
Turkish lira sinks to record lows against the US dollar
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Turkey’s currency is slumping to record lows against the US dollar, deepening the poverty felt by households across the country and eroding popular support for Recep Tayyip Erdoğan’s government.
The lira fell 1% to a new low of 9.97 against the greenback on Thursday because of higher-than-expected US inflation data, settling at around 9.93 when US markets opened. The currency has lost a staggering 25% of its value so far this year after a series of deep interest rate cuts by Turkey’s central bank, despite three years of double-digit inflation.
Turkey’s insistence on slashing the benchmark interest rate, even as other central banks around the world use higher borrowing costs to try and put a brake on inflation, reflects Erdoğan’s belief that
Read more on theguardian.comAbout this in other media
Turkish Lira sinks to fresh low after Erdoğan insists on interest rate cuts theguardian.com /2 years ago
Massive inflows into Bitcoin, Ethereum prove this despite corrections ambcrypto.com /2 years ago
Bitcoin hits new all-time high in Turkey as fiat currency lira goes into freefall cointelegraph.com /2 years ago
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