Turkey's currency woes skyrocket after lira free falls

[Yo_Mama_Been_Loggin]

Turkey's currency was in a free fall on Thursday, as it suffered one of its worst days since the country’s currency crisis in 2018.

The Lira plunged 6 percent to 11.3 against the dollar after the central bank decided on slashing interest rates by 100 basis points to 15 percent a move seen as dangerous for the emerging market economy.

The country’s monetary authority had been urged in recent months to ease rates by President Tayyip Erdogan who argued this week that high interest had been driving up inflation.

"The interest rates are the reason and the inflation is the consequence. I say to those who are trying to divert this to something else, do not waste your time. We will lift this scourge of interest rates from people's backs."

https://www.yahoo.com/news/turkeys-currency-woes-skyrocket-lira-085012303.html

[Sneederbunk]

1. Maybe things will get better after Thanksgiving.