Turkish lira falls more than 2% after Erdogan defends interest rate...

The Turkish lira recorded more decline in light of President Recep Tayyip Erdogan’s policies aimed at reducing interest rates, and recorded 13.80 against the dollar.

  • Turkish lira falls more than 2% after Erdogan defends interest rate cut
    The Turkish lira fell to 13.80 against the dollar

The Turkish lira fell more than 2% on Wednesday, retreating towards record lows, as President Recep Tayyip Erdogan renewed his commitment to cut interest rates.

After rising in the Tuesday session, the lira fell 2.45% to 13.80 against the dollar, by 14:20 GMT, compared to the previous close of 13.45.

The Turkish currency has lost 46% of its value against the dollar this year, and touched its lowest level ever at 14.0 lira to the dollar last week.

On his return from the Qatari capital, Doha, Erdogan again defended monetary easing, saying that Turkey would reduce inflation and exchange rate fluctuations through low interest rates.

The decline came in recent weeks, after the Turkish Central Bank decided to cut the main interest rate to 15% from 16%, a move that Erdogan supports, despite the high inflation in Turkey.

This decline comes after the changes in the Ministry of Finance, which included the resignation of Finance Minister Lotfi Elvan, and the appointment of his deputy, Noureddine Nebti, as his successor.

Erdogan had criticized Elvan for opposing the policy of low interest rates, which led to the Turkish lira losing 29% of its value in one month.

These were the details of the news Turkish lira falls more than 2% after Erdogan defends interest rate... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV A violent decline in cryptocurrencies..and reasons for further collapse By Investing.com
NEXT An economical and cheap car that invades the world’s markets… Get...

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]