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BREAKING
DPRK strongly condemnded the US strikes on Iran
Iran: Fars News Agency: A woman and her 6-year-old son were killed in an Israeli drone attack on Kermanshah Province
Iran: IRNA: Attack Wave 21 was not carried out, and the operation carried out minutes ago was from Yemen against targets in the occupied territories
Sirens are sounding in Tel Aviv and surrounding areas
Israeli military command: We identified missiles launched from Iran
Tunis: The legitimacy created by World War II is crumbling and the future belongs to free peoples of the world
Tunis: We emphasize that the aggression against Iran should not obscure other ongoing crimes, the first of which is the war of extermination against the Palestinian people
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Tunisia: Foreign Ministry: We call for an end to the aggression against our sister country, Iran, and we do not limit ourselves to condemning the Zionist and American attacks
Iran: Nur News: An Israeli aerial assault is targeting the region of Parchin, east Tehran

Turkish lira hits another record low

  • By Al Mayadeen Net
  • Source: Agencies + Al Mayadeen Net
  • 20 Dec 2021 11:09
2 Min Read

Turkey's lira plunged to yet another record low of 17.5 per US dollar.

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  • Turkish lira (Archive)
    Turkish lira (Archive)

Turkey's lira plunged to a record low of 17.5 per US dollar on Monday on concerns over President Tayyip Erdogan's low-interest rates economic policy and soaring inflation.

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

The lira traded at 17.2 to the U.S. currency at 0557 GMT, weakening from its close of 16.4790 on Friday. The currency which lost more than half of its value this year, slid as much as 6.3% and hit a record low of 17.6 against the dollar.

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The unprecedented collapse of Turkey’s national currency came after Turkish President Recep Tayyip Erdogan pledged on Sunday to repeat his achievement of sharply reducing the level of inflation in the country, stressing that the Turkish government will painstakingly pursue the policy of low-interest rates.

It is worth noting that Erdogan's new economic plan prioritizes exports and lending, even though economists and opposition lawmakers have widely described the policy as “reckless”. With inflation soaring, Turks' budgets have been sharply eroded.

On Sunday, thousands of Turks took to the streets in Istanbul and Ankara against the government's economic policies and inflation, demanding better conditions for workers. Videos of the protests were circulated on social media.

Many see reports of tumbling lira due to Erdoğan's authoritarian incompetence, but may dismiss with "whatever, I don't like money-based systems anyway", but effects against the people is real and disastrous.
Illustration, a bread queue in Turkey,
via Bistun Manisht Democratic: pic.twitter.com/2GrHQI2Utm

— b9AcE 🐊 (@b9AcE) December 17, 2021
  • Turkey
  • Turkish lira

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