Erdogan's Words Caused a Decline in the Turkish Lira

Business | May 17, 2018, Thursday // 17:44| Views: | Comments: 0
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Bulgaria: Erdogan's Words Caused a Decline in the Turkish Lira REUTERS

During hir visit in London, the Turkish President Recep Tayyip Erdoğan said that he will take control of the monetary and economic policy if he win the election. Turkish currency was again influenced by his comments, declining against the dollar.

Turkish lira have lost 9% of their value only during the last month. While Turkey is heading for presidential and parliamentary elections on June 24, the worries about the economic health in the country are rising.

Investors have long been embarrassed by Erdogan's constant pressure on the central bank.

The lira yesterday traded at 4.49 liras /dollar, which is a loss of 1.1% for the day.

The currency has already been under heavy pressure last week after Erdogan said interest rates are "the mother and the father of all the evils".

Economists have warned that a tighter monetary policy is needed in an economy where inflation has jumped by 10.85 percent and the currency has lost 25 percent of its value last year.

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