The Turkish lira has reached another level record low, cheaper against the dollar to 17.04 pounds per US unit, BGNES reports.
The national currency of our southern neighbor has depreciated twice since the beginning of the year, which is one of the biggest declines in its value in recent years.
If in January the dollar traded for about 7.3 pounds, then last Friday the pound was already trading at 16.41 per unit of US currency.
Turkish President Recep Tayyip Erdogan also contributed to the fall in the pound, announcing on Sunday thaturge the authorities do not intend to raise interest rates.
Another mind-boggling collapse of the Turkish lira
Because of Erdogan’s reckless tactics
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Last week, Turkey’s central bank cut one of its key interest rates again as a measure to stabilize the pound and inflation. The interest rate on weekly repo auctions (short-term securities loans) was reduced from 15% to 14%. Erdogan is actively advocating for interest rate cuts, calling them “trouble”.
Against the background of the decline of the Turkish national currency the opposition raised the issue of the need for early presidential and parliamentary elections. According to her, the current leadership cannot cope with the country’s economic problems. However, Erdogan ruled out early elections and said they would be held in 2023.
