57% decline in the Turkish lira this year

by **RamblerNash** Tue Dec 21, 2021 11:23 pm

200 lira banknotes at an exchange office in Turkey. "Reuters"

12/20/2021

Economy News - Baghdad

The Turkish lira continued its decline today, despite Turkish President Recep Tayyip Erdogan's pledge to continue cutting interest rates .

The Turkish currency fell more than 6% and traded at the lowest level, which is 17.62 to the dollar, in Asian trading, heading for the fifth day of decline.

Turkish President Recep Tayyip Erdogan said, "Don't expect anything from me, as a Muslim, I will continue to do what people ask."

This is the second time that Erdogan has used debt to justify his position, which is in line with his demands to lower borrowing costs to boost economic growth.

He added that the collapse of the lira was the result of an economic blockade on Turkey, but that it would not back down from its new economic policies.

The Turkish currency has fallen by 57% this year against the dollar, and its continued decline has made workers in malls unable to change the price plates for goods.

Many Turkish companies and economists called on the Turkish president to reverse this policy, which caused market turmoil.

https://economy-news.net/content.php?id=26992