Turkish Lira Erdogan. The lira dropped to record lows before slightly. Turkish lira plunges to a historic low and protests erupt after Erdogan defends rates cuts The Turkish lira has dropped 40 per cent in value since the start of the year shedding as much as 15 per.
Tim Ash Senior Emerging Markets Strategist at Bluebay Asset Management is among those. The Turkish lira rebounded strongly from near a record low on Wednesday as the central bank said it had intervened due to unhealthy market prices after President Tayyip Erdogan doubled down on his pre-election strategy of sharp rate cuts. The liras rally came after President Recep Tayyip Erdogan announced new measures to bolster the currency.
The Turkish lira whipsawed on Monday after President Recep Tayyip Erdogan rejected warnings from business on the dangers of recent interest rate.
Now President Recep Tayyip Erdogan is trying to prop up the lira with a raft of new unorthodox economic measures. By the summer of 2021 one US dollar would have already bought you 8 Turkish liras. The Turkish lira rebounded strongly from near a record low on Wednesday as the central bank said it had intervened due to unhealthy market prices after President Tayyip Erdogan doubled down on his pre-election strategy of sharp rate cuts. The Turkish lira was making significant gains Tuesday after the countrys president announced new measures.