Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide
Da Silva: Even the Jewish people do not want this war; it is revenge by a government against the possibility of establishing a Palestinian state
Brazilian President Lula da Silva: What we are seeing is not a war between two armies. [What we have is a] completely professional army that is killing women and children in the Gaza Strip.
Hamas: We affirm our readiness to immediately begin a round of indirect negotiations to reach an agreement on the points of contention
Hamas: We welcome the continued Qatari and Egyptian efforts to end the war waged by the Zionist occupation against our people
Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period

Lira plunges as Turkey cuts interest rate again

  • By Al Mayadeen Net
  • Source: Agencies
  • 16 Dec 2021 15:34
2 Min Read

The Turkish lira fell to new lows on Thursday as the central bank cut interest rates for the fourth month in a row.

  • x
  • Lira plunges as Turkey cuts interest rate again
    The Turkish lira began trading down around 4%.

The Turkish lira hit fresh lows on Thursday after the central bank fired the latest salvo in President Recep Tayyip Erdogan's "economic war of independence" by cutting interest rates for the fourth successive month. 

The main rate decreased from 14 to 15% in the face of an annual inflation rate that surpassed 20% and is expected to climb even higher over the next few weeks.

That said, the lira began trading down around 4% after the announcement. 

"The accompanying statement suggests that the easing cycle will be on pause early next year but, even so, the lira will remain under pressure and capital controls are likely," the Capital Economics consultancy said in a research note.

Related News

Russia, Ukraine discuss prisoner exchange during Istanbul talks

Medinsky leads Russian delegation to Istanbul despite sabotage attacks

See more: The Economic Crisis in Turkey

Erdogan's economic war

The currency has lost more than half of its value since the beginning of the year, including 30% in the last month alone, as authorities give in to Erdogan's demands to lower borrowing costs amid rising inflation.

This unconventional strategy has wiped out people's savings and pushed large sections of Turkish society below the poverty line.

A dollar could buy three liras in 2016 and 7.43 liras on January 1. It was worth 15.35 liras on Thursday after opening the week at around the 13.80 mark.

However, Erdogan has called for "patience" and argued that his approach will ultimately make Turkey less dependent on outside factors such as the scale of foreign investment and the price of commodity goods.

Turkey Raises Minimum Wage

Turkey’s minimum wage will increase 50% in 2022 to help offset living costs that have surged as the central bank released a series of lira-weakening interest-rate cuts to support Erdogan’s economic plan.

During a televised news conference, Erdogan declared that the monthly net minimum income will be 4,250 liras ($275). The minimum wage was set at 2,826 liras in 2021, which equated to $380 at the start of the year but has since dropped to $186 due to the lira's 51% depreciation.

  • Turkish lira
  • Turkey
  • Central Bank
  • Recep Tayyip Erdogan

Most Read

President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
Lebanon's PM Nawaf Salam meets with US envoy Morgan Ortagus in Beirut on April 5, 2025 (Dalati Nohra via AP)AP)

Morgan Ortagus to exit US role in Lebanon amid policy shift

  • Politics
  • 1 Jun 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025
Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)

Yemen announces successful hypersonic missile strike on Ben Gurion

  • Politics
  • 30 May 2025

Coverage

All
War on Gaza

Read Next

All
Russia-Ukraine peace talks resume in Istanbul amid escalating war
Europe

Ukraine, Russia head for Istanbul talks as battles rage, cmdr. resigns

Australia urged to join Macron-led push for Palestinian statehood
Asia Pacific

Australia urged to join Macron-led push for Palestinian statehood

‘Israel’ lost international legitimacy for war on Gaza: Israeli media
Palestine

‘Israel’ lost 'international legitimacy' for Gaza war: Israeli media

MSF Chief: US-Israeli aid plan in Gaza ‘Dehumanising’
Politics

US-Israeli aid plan in Gaza used as tool for forced displacement: MSF

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS