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Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

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.

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  • 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.

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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

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