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The Turkish lira collapses to a historical level after a decision by the Central 2021-10-21 07:35 Shafaq News/ The Turkish currency fell against the dollar today, Thursday, to historical levels after the Turkish Central Bank decided to reduce the main interest rate, which is a basic demand of Turkish President Recep Tayyip Erdogan. According to the "Bloomberg" agency, the dollar exchange rate rose to 9.4206 lira, an increase of 2.19%, and this is the first time that the Turkish currency recorded this level. The lira lost 20% of its value this year, and half of this decline came since the beginning of last month, when the central bank began giving easing signals, despite the rise in inflation to about 20%. On the 15th of this month, President Recep Tayyip Erdogan dismissed three policy makers at the Central Bank, deepening the lira's decline. The Russian "Novosti" agency reported, earlier today, Thursday, that the Turkish Central Bank reduced the main interest rate from 18% to 16% annually. President Recep Tayyip Erdogan has repeatedly called on the central bank to ease monetary policy, and analysts believe that his intervention has eroded the credibility of monetary policy in the past few years.
