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Currency crisis hits hard in Turkey

Added 12-08-21 01:04:02pm EST - “ANKARA, Turkey ?" Turkey's deepening currency crisis could mark the definitive end of the country's economic success story and is making ordinary citizens poorer.Driving the news: Turkey's currency is fluctuating on a daily basis…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Currency crisis hits hard in Turkey”. Below is an excerpt from the article.

ANKARA, Turkey — Turkey's deepening currency crisis could mark the definitive end of the country's economic success story and is making ordinary citizens poorer.

Driving the news: Turkey's currency is fluctuating on a daily basis and has lost 45% of its value against the dollar this year. Investors are abandoning Turkish assets due to concerns about the Central Bank’s ability to control inflation. Ordinary citizens are rushing to convert their savings to foreign currencies and gold.

State of play: The economic crisis has damaged the political standing of President Recep Tayyip Erdoğan and the ruling Justice and Development Party, which has held power since 2002 and based its pitch to voters largely around rising living standards.

Erdoğan's economic team insists on an unorthodox economic policy of cutting interest rates despite soaring inflation and rising poverty. Erdoğan has described high interest rates as the “mother of all evil."

Erdoğan and his team claim their policy will boost Turkey's exports and economic growth by making the currency much more competitive.

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