Erdogan Rate Cut Mantra Fuels Worst Lira Streak in 20 Years
- Lira plunged against the dollar as Erdogan defended low rates
- Rapid depreciation raises cost of living for Turkish citizens
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The Turkish lira’s freefall is shattering all kinds of records as President Recep Tayyip Erdogan’s intensifying campaign for lower interest rates plunges the country deeper into crisis.
The currency fell as much as 15% to a session of low 13.4539 before paring losses. The lira’s 11-day losing streak is now the longest in 20 years, and in November alone, it’s lost almost a third of its value.