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TURKISH LIRA TUMBLES AFTER ERDOGAN DEFENDS RATE CUTS
CURRENCY FALLS AS MUCH AS 18% AFTER PRESIDENT REITERATES VIEW THAT HIGHER
INTEREST RATES DON’T REIN IN INFLATION
TURKISH PRESIDENT RECEP TAYYIP ERDOGAN REITERATED THAT HE DOESN’T BELIEVE HIGHER
RATES WILL SLOW INFLATION.
Photo: turkish president press office/Shutterstock
By
Anna Hirtenstein
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ANNA HIRTENSTEIN
* Biography
* @ahirtens
* anna.hirtenstein@wsj.com
and
Thomas Grove
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THOMAS GROVE
* Biography
* @tggrove
* thomas.grove@wsj.com
Updated Nov. 23, 2021 11:57 am ET
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Turkey’s economic crisis entered a tumultuous new phase, with its currency
plunging to a fresh record low and President Recep Tayyip Erdogan preparing to
meet the leader of a regional rival in search of foreign investment.
The lira slid as much as 18% Tuesday, before easing slightly, threatening to
further shake the economy by undermining confidence, making it harder for
businesses to pay off foreign-currency debt and increasing the cost of imported
goods, especially oil. That would push the inflation rate, currently at around
20%, even higher, further hurting households, analysts say.
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