Lira Drops to Record Low against Dollar

  • The Turkish currency has hit a record low - plummeting by 11% against the dollar. Last week, when Iran's political clash with the US was gaining momentum, the Lira plunged more than 20%. This has also fretted investors due to the lack of action from Turkey government to appease the problems of its economy. Recep Tayyip Erdogan, the Turkey President, has turned down the calls to increase the interest rates in order to appease the crisis. It has, instead, lashed out at the US for imposing trade tariffs on his country. In his speech, he stated “You are a strategic partner in NATO and on the other hand you stab your ally in the back? Is this acceptable?”