9% fall of Turkish lira in one day

The Turkish lira fell again by nearly 9 percent after falling sharply following the Turkish president’s defense of a sharp drop in interest rates in his speech last night.

The lira fell to $ 12.49 a barrel for the 11th consecutive session, setting a new record for the Turkish national currency.

The lira has lost 40 percent of its value this year and has lost nearly 20 percent of its value since the beginning of last week.

Today’s devaluation of the lira is the biggest since the former central bank governor was fired in March, and the 11-day devaluation of the Turkish national currency is the worst since November 1999.

Lear has the worst performance among emerging market currencies this year.

According to Fars, the devaluation of the lira today followed the Turkish president’s remarks about the increase in the exchange rate in this country.

“We are determined to do whatever is right for our country through investment, production, job creation, and Turkey’s economic policy is based on exports,” he said at a cabinet meeting.

“As a government with the knowledge and experience to manage financial crises, we are determined to seize the opportunity of the crisis that the world is in.”

“Rising prices as a result of rising exchange rates will not directly affect investment, production and job creation, and a competitive exchange rate will lead to increased investment, production and employment,” Erdogan said.

The Turkish president also referred to Turkey’s involvement in the economic war and said that the country would emerge victorious from the war.

Just an hour after Erdogan’s speech, the Turkish lira fell again.

Erdogan has repeatedly called for lower interest rates to boost the country’s economy, and is urgently changing bankers; Including the dismissal of the head of the Central Bank earlier this year and three members of the Turkish Monetary Policy Committee last month.

For several years now, Erdogan has been vehemently opposed to raising interest rates, blocking anyone who opposes him in this direction, from the central bank governor to senior executives.

On the other hand, in the context of the devaluation of the lira and the rise in prices in Turkey, which led to protests, the leaders of the opposition parties have strongly criticized the performance of the ruling Justice and Development Party and the President of this country.

Leaders of Turkey’s opposition parties called for immediate elections in Turkey last Thursday in response to a new record for the lira against the dollar.

Thousands rallied in Izmir, Turkey, last Friday to protest against rising inflation and the devaluation of the national currency. The protests came after the Turkish lira (Turkish lira) fell against the dollar. The Turkish lira hit 10.91 lira against the dollar last Friday.

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