Turkey's lira nose-dived 8% on Tuesday after President Tayyip Erdogan defended recent sharp rate cuts, and vowed to win his 'economic war of independence' despite widespread criticism and pleas to reverse course.
A board showing the currency exchange rates is seen outside an exchange office at the Grand Bazaar in Istanbul, Turkey November 18, 2021. REUTERS/Murad Sezer/File PhotoErdogan says tighter monetary policy will not lower inflationISTANBUL, Nov 23 - Turkey's lira nose-dived 8% on Tuesday after President Tayyip Erdogan defended recent sharp rate cuts, and vowed to win his "economic war of independence" despite widespread criticism and pleas to reverse course.
"This irrational experiment which has no chance of success must be abandoned immediately and we must return to quality policies which protect the Turkish lira's value and the prosperity of the Turkish people," he said on Twitter. "Spreads show there is no liquidity in the market," said one forex dealer, citing Erdogan's comments as the main driver.
It has slashed rates by a total of 400 points since September, in what analysts have called a dangerous policy mistake given deeply negative real yields, and given that virtually all other central banks have begun tightening, or are preparing to do so.
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