Once again, the Turkish lira is falling against the US dollar and the euro, after President Recep Tayyip Erdogan endorsed significant interest rate easing.
The Turkish lira plunged to new depths against the US dollar and the euro today, Tuesday, at the conclusion of its fifth worst month on record, after President Recep Tayyip Erdogan endorsed deep interest rate easing despite widespread criticism and high inflation.
The lira fell 5 percent to a new record low of 13.4515 against the dollar, breaking past a low hit last week, when Erdogan defended monetary easing that many economists described as reckless.
The lira recovered slightly to 13.35 against the dollar at 1635 GMT. It also touched a low level at 15.06 against the euro.
The lira has lost 45 percent of its value since the beginning of the year, and 29 percent this month alone against the US currency.