Lira Plunges Again After Erdogan Cites Islam To Defend Rate Cuts
Turkey’s troubled lira nosedived Monday after President Recep Tayyip Erdogan cited Muslim teachings to justify not raising interest rates to stabilise the currency. Erdogan has pushed the central bank to sharply lower borrowing costs despite the annual rate of inflation soaring to more than 20 percent. Economists believe the policy could see consumer price increases …
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