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
German diplomatic source: Foreign ministers of Germany, France, Britain and top EU diplomat to hold nuclear talks with Iranian counterpart on Friday in Geneva
Trump: My supporters don't want to see Iran get a nuclear weapon
Trump: A deal could still happen
Trump on acting against Fordow: Haven't made a decision
Muslim Brotherhood message: We are one Ummah, and we stand alike, in the religious, spiritual, civilizational, and geopolitical senses
Muslim Brotherhood message: The Israeli aggression against Iran is but a new phase of aggression against Palestine
Muslim Brotherhood message: We affirm our full support for Iran in confronting the brutal Israeli aggression, and we offer our condolences for the fallen martyrs
The Muslim Brotherhood sends a message to the Leader of the Revolution and the Islamic Republic of Iran, Sayyed Ali Khamenei
Trump: Think Iran was a few weeks away from having a nuclear weapon
Trump: Discussed Iran with Pakistani army official

Turkish lira nears historic lows as it slides again

  • By Al Mayadeen English
  • Source: Agencies
  • 8 Jun 2022 20:11
2 Min Read

Turkish President Recep Tayyip Erdogan insists on cutting interest rates even as inflation soars, and the lira continues to slide.

  • x
  • Turkish lira slides again, approaching historic lows
    Turkish lira slides again, approaching historic lows

The Turkish lira continued to plunge against the dollar on Wednesday, putting pressure on the government of President Recep Tayyip Erdogan, who insists on cutting interest rates even as inflation soars.  

The lira shed 2% against the dollar and traded at 17.1 versus the greenback this afternoon, not far off the historic lows of more than 18 witnessed in December.  

"The pressure continues to mount on the Turkish lira," said Fawad Razaqzada, Forex.com analyst, in a note to clients. 

Related News

Israeli aircraft violate Turkish airspace, fighter jets scrambled

Turkey to boost missile arsenal, reinforce deterrence: Erdogan

"President Tayyip Erdogan has once again vowed to continue slashing interest rates despite annual inflation running at more than 70 percent," the analyst wrote, asking if the lira would still fall in the near future to 20, and adding, "Investors are also concerned that rising oil prices will just add to Turkey's inflation misery."

The Turkish president insisted on Monday that his government was opposed to higher interest rates even as inflation is soaring to its highest level in almost 25 years.  

"This government will not hike interest rates. On the contrary, it will reduce them," he said.   

Official data showed that Turkey's inflation rose in May to its highest level since 1998, reaching 73.5% on an annual basis.

The Turkish economy has become out of control since last year when President Erdogan put pressure on the central bank to start persuing the policy of low-interest rates. 

  • Turkey
  • Turkish President Recep Tayyip Erdogan
  • Recep Tayyip Erdogan
  • inflation
  • Turkish lira

Most Read

Iranian missiles impact Israeli sites in Tel Aviv in 2nd wave

Iran's missiles impact 'strategic' Israeli site in Tel Aviv

  • Politics
  • 14 Jun 2025
Bin Salman: Islamic world backs Iran in call to Pezeshkian

MBS says Islamic world backs Iran in call with Pezeshkian

  • MENA
  • 15 Jun 2025
Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Smoke rises after an Iranian ballistic missile directly struck Tel Aviv, Occupied Palestine, June 13, 2025 (AP)

Op. True Promise 3: Iran's ballistic missiles strike Tel Aviv

  • MENA
  • 13 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Turkish Air Force pilot gestures from the cockpit of an F-16 military fighter jet before an Air Policing exercise at the Baza 86 military air base, outside Fetesti, Romania, Wednesday, March 6, 2024 (AP)
Politics

Israeli aircraft violate Turkish airspace, fighter jets scrambled

An Israeli occupation forces armored personnel carrier maneuvers in the Gaza Strip, southern occupied Palestine, Wednesday, June 11, 2025 (AP)
Politics

Palestinian Resistance downs Israeli drone in Gaza amid extensive ops

An Israeli Hermes 450 UAV drone flies over Beirut, Sunday, Sept. 29, 2024. (AP Photo/Bilal Hussein)
Politics

Iran reports shooting down 28 types of hostile aircraft in 24 hours

Firefighters work to extinguish a blaze after a missile launched from Iran struck Tel Aviv, occupied Palestine, Monday, June 16, 2025 (AP)
Politics

Iran retaliatory strikes target greater Tel Aviv as injuries reported

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