Turkey’s lira hit record lows against the U.S. dollar for an 11th straight session, before paring some losses. It has shed 45% of its value this year, including a near-26% decline since the beginning of last week
After a meeting between Erdogan and central bank Governor Sahap Kavcioglu, the bank issued a statement saying the selloff was "unrealistic and completely detached" from economic fundamentals.
"This irrational experiment which has no chance of success must be abandoned immediately and we must return to quality policies which protect the Turkish lira's value and the prosperity of the Turkish people," he said on Twitter.the height of a currency crisis in 2018 that led to a sharp recession, and brought on three years of sub-par economic growth and double-digit inflation.
Investors appeared to flee as volatility gauges spiked to the highest levels since March, when Erdogan abruptly sacked hawkish central bank chief Naci Agbal and installed Kavcioglu, who like the president is a critic of high rates. Erdogan received support on Tuesday from his parliamentary ally, nationalist MHP leader Devlet Bahceli, who said that high interest rates limit production and there was no alternative to a policy focused on investments.Erdogan defended the policy late on Monday and said high rates would not lower inflation, an unorthodox view he has repeated for years.
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