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.