• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. Europe
  4. Turkish lira nears historic lows as it slides again
Europe

Turkish lira nears historic lows as it slides again

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

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

  • 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. 

"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

Trending Now

All
Fitch downgrades Turkey's credit rating from B+ to B: Reports

Fitch downgrades Turkey's credit rating from B+ to B: Reports

Most Read

Screengrab from drone video footage showing Ukrainian Leopard tanks getting hit by Russian artillery in the Zaparozhye direction (Social media / Telegram: ZA_FROHT)

Germany's Leopards, IRIS-Ts not holding up well in Ukraine

  • Europe
  • 8 Jun
James G. Rickards. (WIkipedia)

Ex-CIA advisor predicts date when US dollar hegemony will collapse

  • Europe
  • 7 Jun
NATO may deploy troops in Ukraine to guarantee security: Former chief

NATO states may deploy in Ukraine to guarantee security: Former chief

  • Europe
  • 8 Jun
Actuating an Israeli ‘Solution’ – via an al-Aqsa Emergency

Actuating an Israeli ‘Solution’ – via an al-Aqsa Emergency

  • Analysis
  • 4 Jun

Read this

All
German investigation indicates Poland tied to Nord Stream attack: WSJ
Europe

German investigation indicates Poland tied to Nord Stream attack: WSJ

  • Today
Washington throwing US taxpayers' money in Ukraine war furnace: Russia
Europe

Washington throwing US taxpayers' money in Ukraine war furnace: Russia

  • Today
Egyptian conscript's operation forces IOF to make changes on border
Palestine

Egyptian conscript's operation forces IOF to make changes on border

  • Today
Colombia ELN
Latin America

Havana hosts Colombia government, ELN 'historical' ceasefire agreement

  • Today
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

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