Lira falls 15% to historic low as President Erdogan defends rate cut

The Turkish lira’s freefall is shattering all kinds of records as President Recep Tayyip Erdogan’s intensifying campaign for lower interest rates plunges the country deeper into crisis and declared that his country was fighting an “economic war of independence”. 

The currency fell 15 per cent on Tuesday, plunging past 13 per dollar for the first time ever. The lira’s 11-day losing streak is now the longest in 20 years, and in November alone, it’s lost almost a third of its value.

The latest selloff came after Erdogan defended his demands for lower borrowing costs that have driven up prices and frustrated investors.