Turkey’s Erdogan Blames Lira Slump on Attacks by ‘Money Barons’
- President is vowing to press on with his calls for rate cuts
- Support for ruling party is falling, with elections in 2023
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President Recep Tayyip Erdogan blamed a sharp slump in the lira on “money barons” attacking Turkey’s economy, vowing to pursue lower borrowing costs to turbo-boost growth and revive his flagging popularity ahead of elections in 2023.
The currency dropped as much as 4.5% following his remarks and traded 4% lower at 12.4766 per dollar at 5:51 p.m. in Istanbul. It has lost a fifth of its value in the last two weeks alone.