November 27, 2022

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The Turkish lira is facing an all-time low against the dollar

(MENAFNThe Turkish lira recorded a significant decline as it fell daily against the green currency after the Turkish central bank cut key interest rates.

And Bloomberg Agency reports that the exchange rate of the Turkish lira averaged 16.75 lira against the dollar on Friday, after last day’s trading of 15,675 lira against the dollar.

Despite criticism from economists and lawmakers, the central bank has cut its key interest rate by 15 basis points to 400 percent since last September, following a strategy by Turkish President Recep Tayyip Erdogan to prioritize sales and lending.

Erdogan emphasized the Turkish government’s intention to end the recent turmoil in the country due to exchange rate changes and higher prices, adding that the currency had fallen due to speculation: The future of the country and our people cannot be determined.

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