Erdogan shakes up foreign policy in response to economic crisis

Turkey's Central Bank rate cut hasn’t stopped the lira’s free fall, as Turkey announces an initiative for rapprochement with Armenia.
Turkey lira
People pass a currency exchange store on Nov. 17, 2021 in Istanbul, Turkey. The currency crisis is shaking Turkey's economy and upending living standards as people struggle to make ends meet. - Chris McGrath/Getty Images
am-globe.jpg
Week in Review
@AlMonitor

Turkey’s lira in freefall despite rate cut

On Dec. 8, Turkish President Recep Tayyip Erdogan, who faces re-election in 2023, said that Turkey "is the breakout star of the global economic system that is being restructured with the pandemic."

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 for annual access.

Videos

See more