Turkish Lira Hits New Record Low of 15 Liras to Dollar

© AFP 2022 / OZAN KOSEAn exchange office worker counts Turkish lira banknotes in Istanbul on June 8, 2015
An exchange office worker counts Turkish lira banknotes in Istanbul on June 8, 2015 - Sputnik International, 1920, 16.12.2021
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ANKARA (Sputnik) - The Turkish currency on Thursday fell by more than 3% against the dollar reaching the value of 15 liras to the dollar, according to trading data, in anticipation of a new reduction of the key rate by the Turkish central bank
Early trading opened at 14.8 liras against the dollar but by 06:10 GMT, it slumped to the new record low of 15.29 liras per dollar, according to the trading data.
Amid the continuing fall of the Turkish lira, Erdogan dismissed Sakir Ercan Gul and Mehmet Hamdi Yıldırım, who served as deputy ministers in the Turkish Ministry of Treasury and Finance. Instead of them, the president appointed Mahmut Gurcan and Yunus Elitash.

Earlier in December, Erdogan also dismissed Lutfi Elvan, who served as the Turkish minister of treasury and finance. Nureddin Nebati who supported the continuation of the policy of reducing the discount rate was appointed to the post.

The Turkish president has changed the country's finance minister twice since November 2021 and the head of the central bank three times since July 2019.
The Turkish currency has lost more than 50% of its value over the past year, and on November 23 fell from 11.4 to 13.2 against 1 US dollar, its largest devaluation in 20 years. This led to protests in several large cities, including Istanbul and Ankara, and prompted calls for the government to resign.
Turkish President Recep Tayyip Erdogan believes that a policy of gradual key rate decrease will help Turkey lower inflation. Opposition politicians demanded that the 2023 election should be moved closer after accusing the president of dragging the country into an economic crisis. Erdogan insisted the election would be held as scheduled.
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