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Erdogan warns of "economic war" after the fall of the Turkish lira
Written by SOT.COM.AL 23 Nëntor 2021
The Turkish lira fell to a record low on Tuesday as Turkish President Recep Tayyip Erdogan stepped up his support for lowering interest rates, warning the country was in a "war for economic independence".
The Turkish currency fell sharply as 13 lira is currently exchanged for a dollar, a 15 per cent drop.
Turkey is facing its worst currency crisis since August 2018, when the value of the pound reached historic lows during a dispute with then-US President Donald Trump.
The Turkish Central Bank on Thursday came under pressure from President Erdogan and cut its rate from 16 to 15 percent, despite rising inflation and rapid currency devaluation.
Erdogan, an outspoken opponent of high interest rates, has always built his popularity on a reputation for strong economic growth and improving household incomes across the country.
He is known for his strong belief that high interest rates cause inflation instead of helping to lower it.
The Turkish leader was tough and defended current policies in a speech to the nation after a cabinet meeting Monday.
"We see the game's the game in terms of currency, interest and price increases… and we show our willingness to continue with our game plan," he said.
"We will emerge victorious from this war of economic independence with the help of God and our people."
The lira has lost more than 40 percent of its value against the dollar since the beginning of the year, and the annual inflation rate has reached nearly 20 percent - quadrupling the Turkish government's target./REL