Turkish lira continues to plummet

The lira price continues its rapid downward trend. Between Friday and Monday, the exchange rate plummeted by another six per cent. One euro now costs 19.95 Turkish liras (TL) and one dollar 17.69 TL. Only at the weekend, Turkish president Erdoğan defended his low interest rate policy as a necessity in the “economic war of independence”. Through the low interest rate policy, the regime leader is trying to realise a capital-friendly, export-oriented economic policy.

Since November, the lira has plummeted by at least 40 per cent. This policy is taking place at the expense of the population, which is struggling with a massive increase in the cost of living. According to official figures, the inflation rate is 21 per cent, but analysts assume that the figures are dramatically inflated.