The dollar/TL continued to rise after AKP President Recep Tayyip Erdoğan reiterated that they were determined to adopt low interest rates after the cabinet meeting yesterday. Dollar/TL rose above 12 TL level with sharp fluctuations.
Regarding low interest rates, Erdogan said, “We know very well what we are doing with this policy, why we are doing it, how we are doing it, what risks we face and what we will achieve in the end,” and described the process as an “economic liberation war”.
LOSS OF VALUE OF TL 35 PERCENT
Following these statements by Erdoğan, TL has lost value by 26.2 percent since the beginning of September, when the CBRT gave the first rate cut signal; TL followed with 8 percent depreciation in rand and 7 percent in real. Since the beginning of the year, the lira has lost around 35% of its value.
IT ALSO ATTACKED FOOTBALL CLUBS
With the dollar exceeding 12 TL, the financial situation of the clubs fell into trouble. Clubs in the bottleneck will find it difficult to pay the players they have agreed with in euros and dollars.
‘IT HAS BECOME MUCH DIFFICULT’
The effect of the increase in the exchange rate on football clubs Cumhuriyet.com.trBeşiktaş Club President Ahmet Nur Çebi made a statement to .
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