The lira shed some 30% over the last month in a selloff driven by aggressive interest rate cuts that Erdogan sought, but that economists and opposition politicians say are reckless in part due to soaring inflation.
The currency touched a record intra-day low of 14 to the dollar on Tuesday and logged a record close on Friday, at 13.7485. It is by far the worst-performing currency in emerging markets this year after having shed 45% of its value. Despite opposition calls for early elections and a policy reversal, Erdogan has repeated in recent weeks that rate cuts are needed to boost exports, credit, jobs and economic growth.
"We will always be there for producers and employers with low interest rates. We're starting to enforce precautions safeguarding workers against inflation," Erdogan said.
Lira going to zero. US Dollar soon to follow. 💰 🔥
* hopes *
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