Erdogan’s Plan Backfires With ‘Desperation’ in Turkish Lira

With political discontent growing in Turkey and scattered protests breaking out, President Recep Tayyip Erdogan’s disregard for the value of the lira may have reached a breaking point.

The central bank’s move to spend about $1 billion to halt a precipitous decline in the currency shows that policymakers are increasingly worried about Erdogan’s plan for economic transformation. It’s the first official sign within Turkey that central bankers are willing to take action, even as the president demands lower rates.