(ANSA) – ISTANBUL, 20 DEC – The crisis of the Turkish lira does not stop and today the national currency has reached a new record downwards against the euro and the dollar, losing more than 7% of its value since the morning. When the devaluation exceeded 5%, the Istanbul Stock Exchange temporarily suspended trading as it did last week to try to limit the damage caused by the collapse of the Turkish currency.
Today’s negative record follows a downward trend that has worsened since September in parallel with regular cuts to its benchmark interest rate decided by the Central Bank in line with the economic vision of President Recep Tayyip Erdogan. Since January, the national currency has lost more than half of its value against the dollar and there has been a widespread rise in prices. The Turkish leader strenuously defends the idea of keeping rates low and has rejected criticism from Turkey’s largest industrial association Tusiad, which had launched an appeal for rates to be raised. “Our citizens will not be crushed by interest rates,” said Erdogan, mentioning a “war of economic independence” and promising to lower inflation which stands at 21.3% on an annual basis even though official data are contested by the ‘opposition that the price increase would be higher. “As a Muslim I will continue to do what is necessary as required by the divine decree (Nass),” said the Turkish president. (HANDLE).
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Source From: Ansa
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