The Turkish lira depreciated further by 1% today. The exchange rate of the lira against the US dollar has fallen by 30% since last month, and then fell to an all-time low of 14.00.
Concerns about Turkey’s unconventional monetary policy continue to push the lira to a historical low against the US dollar.
Turkey’s inflation rate last month rose to 21.3% in three years.
President Erdogan said on Saturday that he hopes that foreign exchange and inflation will soon return to a stable level. He also promised to lower interest rates.
Turkish President Recep Tayyip Erdogan’s concerns about monetary policy remain low. President Erdogan has repeatedly stated that the interest rate of monetary policy needs to be lowered to increase exports, credit, employment and economic growth.