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
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