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’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."
That’s a tough sell these days. Turkey’s national currency, the lira, continued its downward spiral this week after the Central Bank cut interest rates for the fourth time in a row on December 16.
"With inflation running at 20% and the lira shedding half of its value since the start of the year, millions of Turks are being pushed into deeper poverty," Mustafa Sonmez reports.
