Protests in Turkey Erupt Demanding Erdogan to Step Down
Protests in Ankara and Istanbul erupt, demanding the Turkish president to resign as the lira collapses and inflation rises.
Protests in Ankara, the Turkish capital, and Istanbul have erupted after the crash of the Turkish lira, reaching a record low of 13 lira to the dollar, a 15% fall, before recovering slightly from the historic drop.
The protests call on Turkish President Recep Tayyip Erdogan to step down from his post due to the depreciation of the Turkish lira as well as the skyrocketing inflation, chanting "istifa," which is Turkish for "resign," while beating on pots and pans to create a commotion.
Street protests in #Istanbul and Ankara, calling on the ruling #AKP government and the Turkish President #Erdogan to resign after #TurkishLira hit a record low. pic.twitter.com/5BxLEWZVVR
— Al Mayadeen English (@MayadeenEnglish) November 23, 2021
Protesters, led by Republican People’s Party (CHP) - Erdogan's opposing party - marched Ankara's Çankaya neighborhood where many of Turkey's state institutions are located.
After a cabinet meeting on Monday, Erdogan addressed the Turkish people and defended the current policies.
"We see the game played by those over the currency, interest and price hikes ... and show our will to proceed with our own game plan," he said. "We will emerge victorious from this war of economic independence with the help of God and our people."
Turkish Central Bank: Exchange rates are determined by supply and demand conditions
The lira has lost more than 40% of its value against the dollar since the start of the year, and the annual inflation rate has reached nearly 20 percent, overpassing the government's target.
The Turkish minimum wage was worth around $380 in January and after Tuesday's dramatic lira drop, is now worth $224.
According to local media, Erdogan met with central bank governor Sahap Kavcioglu following the lira crash on Tuesday, without providing any further information.
In a statement, the bank defended its position, saying "exchange rates are determined by supply and demand conditions according to free-market dynamics."
"Under certain conditions, the Central Bank may only intervene in excessive volatility without aiming any permanent direction."