The Turkish lira is experiencing its worst collapse in 20 years, after 11 days of continuous decline
The Turkish lira is experiencing its worst collapse in 20 years, after 11 days of continuous decline
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2021
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Economy, World, Turkish President, Turkish Lira
The Turkish currency broke all record lows during the latest free-fall wave, coinciding with President Recep Tayyip Erdogan’s intense calls for interest rates to be lowered.
For its part, the Turkish Central Bank said, today, Tuesday, that the wave of sales in the lira is “unrealistic and completely divorced from reality.”
Erdogan rejects opposition call for early elections amid collapse of lira
The currency reduced its sharp losses to about 12.8 pounds to the dollar, but it is still at an unprecedented level, and the series of losses that lasted 11 consecutive days is the longest in 20 years.
In November alone, the lira lost nearly a third of its value, and about 26% since the beginning of last week, while its losses since the beginning of the year have reached 45%.
Bloomberg/Reuters
While most central banks talk of tightening policy in light of the global economic recovery, which is fueling inflation, Turkey has cut 4 percentage points of its borrowing costs since September.
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