SULAIMANI (ESTA) — The Turkish currency (lira) dipped 0.4% against the dollar on Tuesday as concerns over rampant inflation were stoked by President Erdogan’s pledge to continue cutting interest rates.
In a Monday evening speech, Erdogan sought to downplay the surge in annual consumer prices, to 73% last month, as just one of several problems for the economy that should begin to ease early next year, according to Reuters.
The lira slid as far as 16.669 to the dollar from a close of 16.58 on Monday. It has weakened 21% this year, on top of a 44% slide in 2021, when it was hit by a series of unorthodox interest rate cuts made despite the high inflation, Reuters said.
Turkey has faced a massive economic crisis since Recep Tayyip Erdoğan gained upper hand in the government.
In January, Turkey’s annual inflation rate surged to its highest level since 2002, propelled by a currency crisis linked to President Recep Tayyip Erdogan’s unconventional economic approach.
(Esta Media Network/Reuters)
