• Thu. Sep 21st, 2023

News Eyeo

All Important News

As Erdogan establishes fresh economic team, Turkish lira plummets to record lows


May 30, 2023

The Turkish lira has hit a new record low following the re-election of President Recep Tayyip Erdogan, which will extend his tenure to 30 years. Showcasing his controversial economic policies, Erdogan defended his unconventional approach during his victory speech, claiming that higher interest rates cause inflation. Turkey’s central bank has also cut interest rates and drained foreign reserves, causing the lira’s dramatic depreciation. However, meetings between the former Deputy Prime Minister Mehmed Simsek and Erdogan officials indicate the Turkish government may be preparing to switch to a more conventional policy. Despite this, Erdogan’s remarks have been seen as a sign of his determination to maintain his current policies.

By Editor

Leave a Reply