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Economists unmoved by pause in Turkish lira's plummet

Though the latest news about Turkey's currency is good, economists still believe Turkey could well be sailing into recession, while at the G-20 summit, the Turkish president is frustrated by how little is being made of the Jamal Khashoggi murder case.
Turkish lira banknotes are pictured at a currency exchange office in Istanbul, Turkey August 13, 2018. REUTERS/Murad Sezer - RC179263C1F0

ANKARA — Turks received rare good news on the economic front Monday when it was announced the inflation rate had dropped to below 22% in November, down from over 25% in October — the highest rate in 15 years.

The Turkish Statistical Institute reported that annual inflation had fallen by 3.62% from 25.24% in October. Economists gave credit to the stronger Turkish lira, whose year-long fall against the dollar was arrested by a huge hike in interest rates in September, as well as the government’s cutting taxes on consumer goods.

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