Yields on local 10-year government bonds hit their highest in nearly two months at 10.2%
Turkish Lira
Erdogan has long championed low borrowing costs advocating an unorthodox theory that cutting interest rates results in lower inflation opposite of conventional policy
Central bank lowers benchmark after holding it since December - Economists expected no change, but Erdogan promised rate cuts
The Turkish currency fell 44% in 2021
Turkey’s Treasury faces a hefty bill from a controversial plan to defend the Turkish lira, even as the scheme has failed to make a major impact in reducing dollarization
Lira 37% weaker against dollar this year despite rebound
The economic adviser invoked a 1920 Pact
New allegations by the opposition about the Turkish president wasting money while the Turkish lira is sinking
It is not clear when Apple might resume sales in Turkey
The currency lost 3% against the US dollar