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Lira Extends Weaknesses as President Erdogan Maintains Stance on Lower Rates

November 26, 2021 by Forex Winner Leave a Comment

Lira Extends Weaknesses as President Erdogan Maintains Stance on Lower Rates

Source: Reuters

Lira traded at above 12 against the US dollar on Friday, erasing previous gains after President Tayyip Erdogan maintained his stance on taking interest rates lower. USDTRY is up +3.38%.

  • Erdogan emphasized that Turkey will not turn back on its economic policy, with a focus on employment, production, and current account surplus.
  • Turkey’s president said he would not sit back as his people suffer from high rates in the economy.
  • Erdogan reiterated that he was against the World Bank and the International Monetary Fund.

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