SULAIMANI (ESTA) — Turkish opposition leaders called for immediate early elections after the lira plunged 6% to new lows following the central bank’s decision to cut interest cuts amid pressure from President Recep Tayyip Erdogan.
The lira saw its worst day since a 2018 currency crisis, tumbling to 11.3 versus the dollar and a low against the euro after the central bank decided on a rate cut seen as dangerous for the emerging market economy.
It stood at 11.28 to the dollar at 0736 GMT on Saturday.
“Stop Already, Erdogan! Election Immediately,” Kemal Kilicdaroglu tweeted, leader of the main opposition CHP, Reuters reported.
Iyi Party Chairwoman Meral Aksener said Erdogan had “ruined our money and our reputation.”
“If this is on purpose, it’s outright treason. However, if it is a result of incompetence, it is obvious what needs to be done: This disgrace must be stopped by taking the country to elections as soon as possible,” Reuters quoted her as saying.
“Dollar 11 Lira” and “Election Immediately” were the top two trending topics on Twitter, as criticism against Erdogan mounted on social media, Reuters said.
Elections are due no later than mid-2023. Opposition leaders have ramped up calls for early elections amid the economic woes, while Turks have cited economic mismanagement in opinion polls that show support for Erdogan, who has been in power for nearly 20 years, at multiyear lows.
Erdogan on Wednesday told lawmakers from his AK Party that he cannot walk alongside those defending interest rates and repeated unorthodox view that high rates cause inflation.
The CHP leader later told broadcaster Haberturk that Erdogan’s call for lower rates to boost exports and investments showed he was “completely detached from reality,” adding the public wanted early elections.
“Others make plans for 50-100 years and we cannot even tell what will happen tomorrow,” he said. “The government wants to go into elections after fixing the economy. That is a total figment of their imagination.”
