Turkish lira hits record devaluation, losses of over 13%

Erdogan defends tax cuts, 'we will win this war of independence'

23 November, 15:21

    Turkish lira hits record devaluation after the Central Bank cuts rates Turkish lira hits record devaluation after the Central Bank cuts rates

    ISTANBUL - The Turkish lira hit a new record in devaluation on Tuesday, after dropping to new lows on Tuesday morning at the opening of the markets.

    Ankara's currency is losing more than 13% of its value against the dollar and the euro.

    The collapse began last week after the Central Bank's decision to lower interest rates at the explicit request of President Recep Tayyip Erdogan.

    Erdogan defends tax cuts, 'we will win this war of economic independence'

    The Turkish lira hit a new low at the opening of the markets on Tuesday, with an exchange rate of one dollar per 12.50 Turkish lira. The devaluation has continued at a sustained pace since last week, when the Central Bank of Ankara again lowered its benchmark interest rate, bringing it to 15%, causing a collapse of the national currency.

    Turkish President Recep Tayyip Erdogan again defended the Central Bank's choice Monday evening, arguing that the current exchange rate of the Turkish lira produces investments and increases jobs. "We will win this war of economic independence," Erdogan said, criticizing experts who disagree with his view of the economy.

    On Tuesday, former Central Bank Deputy Governor Semih Tumen, who Erdogan sacked just a few weeks ago, appealed on Twitter to stop "the irrational experiment on the Turkish lira".

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