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The Turkish lira is heading for its worst year since President Tayyip Erdogan came to power two decades ago, despite his current appeal to Turks to trust his unorthodox policies of cutting interest rates in the face of rising inflation.
The Turkish lira is by far the worst performing currency in emerging markets in 2021, as it was last year it has been moving downwards for the past five days, recording a 20% loss against the dollar.
It is expected to end 2021 with a 44% drop, mainly due to Erdogan's economic program focused on exports and credit despite the currency's depreciation, which took on the proportions of a full-fledged crisis in the last two months or so, causing tremors in the economy.
Today Erdogan urged Turks to keep their savings in Turkish lira and transfer their gold reserves to banks, saying market fluctuations are largely under control. After his remarks, the lira extended its losses, retreating as much as 1.4 percent to 13.414 against the dollar, down 20 percent since late last week. At 13:15 Cyprus time, the exchange rate stood at 13.36 pounds per dollar.
Source: CNA
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