A new record decline for the Turkish lira against the US dollar

Monday 22 November 2021 20:08
 
Istanbul / NINA / - The Turkish lira fell this evening, Monday, recording a record low against the US dollar.

And the exchange value of the Turkish lira against the US dollar recorded a record low, as its price reached 11.47 against the dollar, i.e. every hundred dollars equals one thousand and 147 liras.

Turkish President Recep Tayyip Erdogan announced, in press statements today, that interest is the cause and inflation is the result, and where there is inflation, there will be no investment, production and employment will decrease, and thus the balance will be upset.

He said: We are determined to take the right steps through our economic policy oriented towards growth instead of the vicious circle of high interest rates and low exchange rates.

"We see the game being played by those who want to take our country out of the equation, through exchange rates, interest rates and price increases, and we affirm our will to follow our own plan," he added.

Last Thursday, the Turkish Central Bank announced a 100-point cut in the interest rate, bringing the interest rate to 15 percent instead of 16 percent.

It is noteworthy that this reduction in interest rates is the third in two months, as the bank reduced the interest rate by 100, then 200, and then 100 points./End

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