The Turkish lira dropped to a record price against the dollar on Tuesday, November 23, according to trade data. At 11:51 Moscow time, the dollar cost 12.48 lira (plus nine percent compared to the close of the previous trading session). An hour later, the Turkish currency strengthened slightly – the dollar was worth 12.19 lira.

In early August, the dollar was worth 8.3 lira. The devaluation of the Turkish currency is happening due to pressure from President Erdogan on the National Bank. The head of state, contrary to macroeconomic theory, believes that the key rate cut will help fight inflation, which reached 20 percent in Turkey in September. At the last meeting on November 18, the Turkish Central Bank cut the key rate from 16 to 15 percent.