Turkish President Recep Tayyip Erdogan promised to lower the key rate again 
Turkish President Recep Tayyip Erdogan promised again rate. This is reported by RIA Novosti.
“We are our people, our farmers will not be torn apart by the rate. There are foreign agents, they are attacking us, trying to discredit our economic war of liberation, but no matter what they do, we will not abandon our economic program. It is aimed at increasing production and employment, “Erdogan said and added that the foreign exchange reserves of the Turkish Central Bank increased from $ 27.5 billion to $ 127 billion.
The Turkish lira lost half of its value over the year, and On November 23, it fell to 13.21 lira per dollar – this is at least 20 years. At the time of writing the news, the national currency is trading at the rate of 12.42 lira per dollar. The collapse of the lira occurred due to the key rate cut, which the Central Bank again lowered from 16 to 15 percent on November 18, despite the record level of inflation in the country. On November 22, Erdogan announced that he was going to continue to cut the key rate.
At the same time, the head of the Central Bank Shahap Kavdzhioglu promised to maintain the key rate above the inflation rate. However, he has to reckon with the opinion of the president, since he fired three predecessors of Kavdzhioglu and several employees of the Central Bank who opposed the rate cut. Erdogan is sure that it is the high rate that is the cause of the economic problems in the country. According to the president, the rate cut should slow down inflation. Such views are contrary to the laws of economics, but the president, despite the fall in the lira, does not deviate from the tactics he has chosen to combat rising prices.