Turkish lira falls further as Erdogan stands firm on rates
ANKARA, Turkey (AP) — The beleaguered Turkish currency reached another record low against the U.S. dollar Monday, a day after President Recep Tayyip Erdogan stood firm on his policy to lower interest rates despite rising consumer prices and slammed business groups that called for a change of course.
The lira tumbled to an all-time low of 17.97 against the dollar — some 9% weaker from Friday’s close. The Turkish currency has depreciated by more than 55% against the dollar since the start of the year.