The dollar exceeds 11 lira after a historical decline in the Turkish currency


The Turkish lira fell today, Thursday, by 5.8% and 5.7% against the euro and the dollar, respectively, to reach historical rates after the Central Bank announced a new drop in interest rates.
The euro reached 12.78 liras, causing the Turkish currency to lose 5.8% of its value today. In parallel, the rate of the lira’s decline against the dollar reached 5.7%, bringing the green currency’s price from 10.62 to 11.27 liras.The central bank cut interest rates by 1% to 15%, at a much lower rate than the annual rate of inflation, which reached 19.89% last month.

Most Turkish economists believe that the only way to tackle inflation is to raise interest rates, but Turkish President Recep Tayyip Erdogan defends lowering them.

Yesterday, the opposition demanded that the legislative and presidential elections scheduled for 2023 be submitted because the current government is unable to manage the country’s economy.


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