Lyra accelerated the fall in November
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The economic policy of the Turkish president has resulted in a 40% drop in the lira since the beginning of the year.
The Turkish lira exchange rate collapsed on Tuesday, November 23, by 8% after President Recep Tayyip Erdogan announced his intention to win his “economic war of independence”, reports Reuters.
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The lira fell to a record 12.49 against the dollar.
Since the beginning of the previous week, the Turkish currency has fallen by 20%, and since the beginning of the year – by 40%.
The publication notes that Erdogan pressured the central bank to turn to an aggressive easing cycle, which he said aims to boost exports, investment and jobs – despite inflation soaring to nearly 20% and currency depreciation is accelerating, which greatly affects the income of citizens.
Former deputy central bank governor Semih Tyumen, who was fired by Erdogan in October, has called for an immediate return to policies that protect the value of the lira.
“This irrational experiment, which has no chance of success, must be stopped immediately and we must return to quality policies that protect the value of the Turkish lira and the prosperity of the Turkish people,” he said on Twitter.
Analysts cite reckless and premature easing of monetary policy as the reasons for the fall of the lira.
It is worth noting that since last week began fall in the Ukrainian hryvnia… From about 26.10 hryvnia per dollar, it has grown to 26.6 hryvnia.
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