Erdogan's decree was published on December 1.
one dollar.
The Turkish Central Bank reacted to & nbsp; this with a statement about & nbsp; conducting direct foreign exchange interventions & nbsp; due to & nbsp; unhealthy pricing, which is observed in & nbsp; exchange rates & raquo;, TASS specifies.
Since the beginning of the year, the Turkish lira fell from & nbsp; 7.43 to & nbsp; 12.5 to & nbsp; US dollar, and & nbsp; inflation for & nbsp; that & nbsp; same period accelerated from & nbsp; 14.6% to & nbsp; almost 20%. Under these conditions, President Erdogan changed more than & nbsp; one chapter of the Central Bank of Turkey, until the current head of the regulator, Sahap Kavcioglu, agreed to & nbsp; cut the key rate.
Over the & nbsp; year, the Turkish lira exchange rate fell by more than & nbsp; by & nbsp; & nbsp; 40%. In the & nbsp; week of & nbsp; 22 & nbsp; November, it fell from & nbsp; 11.37 to & nbsp; 13.21 lira per & nbsp; USD. On & nbsp; Thursday, 25 & nbsp; November, the Central Bank of Turkey decided to reduce the discount rate to & nbsp; 15% from & nbsp; 16%, on & nbsp; Monday Erdogan again spoke in favor of & nbsp; reducing the discount rate.
At & nbsp; at the end of November, the President of Turkey announced that external forces are to blame for the fall in the lira exchange rate. He added that & nbsp; Ankara's rate at & nbsp; will continue to cut rates.