Turkish lira crashes 8% after Erdogan stokes firesale

StreetInsider2021-11-23

ISTANBUL (Reuters) - Turkey's lira nose-dived 8% on Tuesday after President Tayyip Erdogan defended recent sharp rate cuts, and vowed to win his "economic war of independence" despite widespread ...

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SteadyDoesIt
2021-11-23
SteadyDoesIt
Lira is not a preferred currency with the Turks and many Traders like USD better as it is more stable
- vxf:
  Hi all,
  
  feel free to check out my profile about my crypto journey.
  
  it's for sharing only, simple PDF, no scams. Thanks & have a nice day.
- Joshua87:
  liked
- xKira:
  Liked!

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It has lost 40% of its value this year, including a near 20% tumble since the beginning of last week.\nErdogan has applied pressure on the central bank to pivot to an aggressive easing cycle that aims, he says, to boost exports, investment and jobs - even as inflation soars to near 20% and the currency depreciation accelerates, eating deeply into Turks' earnings.\nFormer central bank deputy governor Semih Tumen, who was dismissed by Erdogan last month, called for an immediate return to policies which protect the lira's value.\n\"This irrational experiment which has no chance of success must be abandoned immediately and we must return to quality policies which protect the Turkish lira's value and the prosperity of the Turkish people,\" he said on Twitter.\nThe lira is by far the worst performer in emerging markets this year due mostly to what analysts call reckless and premature monetary easing. 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Thanks &amp; have a nice day.</u></p>","text":"<u>Hi all,</u><p></p>\n<p><u>feel free to check out my profile about my crypto journey. </u></p>\n<p><u>it's for sharing only, simple PDF, no scams. Thanks &amp; have a nice day.</u></p>","html":"<u>Hi all,</u><p></p>\n<p><u>feel free to check out my profile about my crypto journey. </u></p>\n<p><u>it's for sharing only, simple PDF, no scams. 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