Endless fall … The Turkish pound hit a new 8% dip on Tuesday after President Tayyip Erdogan defended the recent sharp cuts in interest rates and vowed to win the “economic war of independence” despite widespread criticism and calls for change.
At almost 13 pounds (12.82) equals the euro in the markets, while the dollar exceeds 12 pounds (12.22). In comparison, in 2014 the euro did not exceed 2 pounds.
The Turkish currency has fallen as much as 12.49 pounds against the dollar, setting a record in the last 11 consecutive sessions. This year it has lost 40% of its value, including diving by almost 20% since the beginning of last week.
In a war of economic independence waged by “foreign centers”, “agents” and “crazy”, Turkish President Tayyip Erdogan attributed the serious economic crisis of the Turkish economy.
As SKAI’s correspondent in Turkey Manolis Kostidis explained, apart from the financial problems, there is a serious problem of credibility, as Turkish citizens do not trust the government and Erdogan, at least in financial matters.
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