Wednesday, October 8, 2025

Latest

Turkish Lira Resumes Historic Tumble After Erdogan Praises Rate Cut

The Turkish lira was sent into a further free-fall on Tuesday, after President Recep Tayyip Erdogan praised the central bank’s commitment to slashing interest rates in an effort to spur economic growth.

The lira fell to a record-low of 12.80 against the US dollar on Tuesday, significantly lower than last week’s barrier of 11 against the greenback. The latest sell-off comes after Erdogan glorified the central bank’s latest cut on borrowing costs, despite the country’s inflation rate nearly hitting 20% last month. Turkey’s currency has been in a downward spiral since the beginning of 2019, when the country’s policy makers embarked on an unorthodox move to make interest rates the enemy.

Erdogan has long been a proponent of zero interest rates, as he believes borrowing costs actually raise inflation rather than lower it. However, with price pressures well in the double-digits, the country’s citizens have faced soaring household costs and devalued salaries as a result.


Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

Goldman Sachs: The Fed Will Hike Rates at Every Meeting Beginning in March

With inflation surging to record levels with each passing month, Wall Street banks are now...

Monday, January 24, 2022, 03:40:00 PM

Doug Ford Promises 50-Cent Wage Increase in October

Doug Ford’s government is promising to hike Ontario’s minimum wage by 50 cents come early...

Thursday, April 7, 2022, 10:04:00 AM

Canada’s Unemployment Rate Unexpectedly Dips to 5.1% Ahead of BOC’s Rate Decision

Employment levels across Canada remained relatively unchanged in November, but the unemployment rate did unexpectedly...

Friday, December 2, 2022, 12:05:56 PM

Scotiabank: Inflation is the Biggest Risk to Economies, BoC, Fed Will Aggressively Hike Rates in 2022

With prices running at historic highs in both Canada and the US, the Bank of...

Sunday, January 23, 2022, 11:13:00 AM

US 10-Year Yield Slips to Lowest in 4 Months as Investors React to Disappointing ISM Survey

The 10-year yield and other US government bonds slumped on Tuesday, as investors abandoned the...

Wednesday, July 7, 2021, 12:22:00 PM