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.
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.
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