||"A historical political resource."
Turkish lira nose-dives 15% as president defies critics
|Last Edited||IndyGeorgia Nov 24, 2021 10:03am|
|News Date||Tuesday, November 23, 2021 06:00:00 PM UTC0:0|
|Description||The Turkish lira nose-dived 15% on Tuesday after President Tayyip Erdogan defended a controversial plan to cut interest rates to boost the economy. |
The currency hit a record low of just over 13 lira to the dollar, before recovering slightly, marking 11 straight days of falls.
Mr Erdogan has pushed Turkey's central bank to make three rate cuts since September, the most recent last week.
But this has been blamed for driving up inflation which is now at 20%.
Investors are losing confidence and the lira has shed some 45% of its value this year, making it the world's worst performing currency.
Despite this, Mr Erdogan vowed to stick to his policies on Monday, arguing that high interest rates would not lower inflation - an unorthodox view he has repeated for years.
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