Erdogan says he hopes Turkish lira will steady soon -Breaking
ISTANBUL (Reuters – Turkish President Tayyip Turkey said that he hoped the foreign-exchange rate would stabilize quickly and once again promised low interest rates. This is after a dramatic plunge in the lira to new record lows.
Erdogan spoke to an audience at Siirt, in eastern Turkey. He said that “God willing” he would stabilize foreign-exchange rates within a very short period of time. Erdogan said that interest rates were a problem, which makes the wealthy even wealthier and the poor worse off.
In a selloff triggered by Erdogan’s aggressive interest rate reductions, which economists and opponents of Erdogan claim are dangerous, the lira lost 30% in the past month.
A record 14-to-1 ratio was set by the currency on Tuesday.
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