New records in devaluation hit in the morning
(ANSA) – ISTANBUL, NOV 23 – The Turkish lira hit new negative records at the opening of the markets, reaching the level of 1 dollar for 12.50 Turkish lira. The devaluation continues at a sustained pace since last week, when the Central Bank of Ankara again lowered its benchmark interest rate, bringing it to 15%, causing a collapse of the national currency.
Turkish President Recep Tayyip Erdogan had again defended the Central Bank’s choice last night, arguing that the current exchange rate of the Turkish lira produces investments and increases jobs. “We will win this war of economic independence,” said the Ankara leader, criticizing experts who disagree with his view of the economy.
Today, former Deputy Governor of the Central Bank Semih Tumen, dumped by Erdogan’s decision only a few weeks ago, launched an appeal on Twitter to stop “the irrational experiment on the Turkish lira”. (HANDLE).