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    Home » Turkey’s President Erdogan Insists Interest Rates Will Be Lowered, Hitting Lira
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    Turkey’s President Erdogan Insists Interest Rates Will Be Lowered, Hitting Lira

    November 26, 20211 Min Read
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    Turkish lira falls
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    President Tayyip Erdogan announced on Friday that Turkey will reduce the interest rates, adding that the country is committed to its new economic policy, worsening the lira’s decline.

    • Erdogan stated that he will not allow people to be adversely affected by high-interest rates and that he does not support the International Monetary Fund (IMF) and the World Bank.
    • The Turkish President also stated that the country will continue with its new economic program that focuses on production, employment, and a current account surplus.
    • The president was speaking in the Aegean coastal province of Izmir, where he attended a ceremony to give 596 houses and 145 stores to owners who had been affected by an earthquake last year.

    Amid high volatility, the lira dropped to a record low of 13.45 against the U.S. dollar on Tuesday.

    TRY USD down -3.53%

    Source: Reuters

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