BREAKING: Turkish lira crashes to new historic low as Erdogan defends rate cuts

Turkey's lira plunged nearly 19% during today's session after President Erdogan defended his central bank’s continued contentious interest rate cuts amid rising double-digit inflation. Erdogan also vowed to win his "economic war of independence" despite widespread criticism and pleas to reverse course. The Turkish president defends an unorthodox theory that higher interest rates cause higher inflation. In his opinion lower rates will help spur economic growth and create jobs, Erdogan said late on Monday in the capital, Ankara. Meanwhile most analysts point their finger at irresponsible monetary easing and low interest rates of the sort championed by Turkish President Recep Tayyip Erdogan who has applied political pressure to the country's central bank. Ordinary citizens suffer from fierce inflation that can upset the public. Inflation in Turkey has soared to almost 20% this year, and the depreciation of the currency has eaten up people's wages and savings.

Turkey's lira weakened to a new record low at 13.47 against the US dollar on Tuesday. Source: xStation5

1 September 2026, 6:54 PM

Daily Summary: Summer Is Over. Markets Shift Into Risk-Off Mode

1 September 2026, 3:02 PM

BREAKING: ISM reading misses expectations. EURUSD is under pressure.

1 September 2026, 10:10 AM

BREAKING: Eurozone Inflation Comes In Below Forecasts, Unemployment Rises. EURUSD reacts

1 September 2026, 8:01 AM

Economic calendar: US JOLTS and ISM Manufacturing in focus 🗽 What will Eurozone CPI show?

Forex

Prefer XTB on Google

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
test_cookie	Expiration date 1 hour
adobe_unique_id	Expiration date 364 days
__hssc	Expiration date 1 hour
SESSID	Expiration date 1 day
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
xtbLanguageSettings	Expiration date 364 days
userPreviousBranchSymbol	Expiration date 364 days
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
_cfuvid

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-98728395-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_gcl_au	Expiration date 89 days
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
af_id	Expiration date 394 days
afUserId	Expiration date 730 days
AF_SYNC	Expiration date 6 days
AnalyticsSyncHistory	Expiration date 29 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
_ttp	Expiration date 89 days
_tt_enable_cookie	Expiration date 89 days
hubspotutk	Expiration date 179 days
IDE	Expiration date 389 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
muc_ads	Expiration date 729 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days
MSPTC	Expiration date 389 days

Cookie name	Description
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
UserMatchHistory	Expiration date 29 days
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days
personalization_id	Expiration date 729 days