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Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.

Turkish Lira Nears Record Low after Interest Rates Decreased

  • By Al Mayadeen
  • Source: Agencies
  • 24 Sep 2021 17:34
2 Min Read

One day after Turkey's Central Bank's decision to lower interest rates, the Turkish Lira is approaching its record low levels.

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  • A currency exchange office (archive)
    A currency exchange office (Archive)

The Turkish lira nears record low on Friday, with foreign investors moving away from the country. However, some local bargain hunting mitigated the losses after Turkey's Central Bank cut its policy rate and gave no hints as to how low the rates might go.

The lira, which has been experiencing sharp swings during the past few years, touched 8.86 to one dollar, near its low of 8.88, which it had reached in June.

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The Central Bank's cut put the interest rates below the annual inflation rate, which was 19.3% in August. This means that the stimulus that has been long sought by President Erdogan has been delivered, reinforcing analysts' worries over political interference. 

The Central Bank still hasn't provided much guidance on the future path of this policy, yet large finance firms, such as Societe Generale, Barclays, JPMorgan, and Goldman Sachs all said they expect more rate cuts in the coming months. 

The lira's fate is now largely in the hands of local businesses, investors, and savers after foreign funds have now fled from Turkey.

Almost a week ago, the Turkish lira lost about 2.5% of its value, driven by expectations that the US monetary stimulus would be reduced sooner than expected.

  • Turkey
  • Central Bank
  • Turkish lira

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