The Turkish Lira dropped to its lowest levels against the US dollar and the euro today, with the exchange rate reaching 17.23 lira in the US dollar, and 29.42 in euro, according to currency trading on Monday.
The price of the Turkish currency fell to lower levels than those recorded by the end of last week, following plans of President Recep Tayyip Erdogan to lower interest rates.
“Based on my position as president, I have always said that I am against benefits,” Erdogan said, adding, “because it makes the rich richer and the poor miserable,” during a meeting in Ankara with young Africans studying in his country.
The president stressed that Turkey will not give up on the interest rate cut strategy because its “rejection” stems from Islam, directing his criticism to the most prominent businessmen’s union (TUSIAD) after they asked for the application of “accepted general rules in economics.”
The Turkish Lira has been on a free-fall for some time now, dropping against the euro and the US Dollar, as well as the Moroccan Dirham by 0.52%.
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