Recently, Turkish President Recep Tayyip Erdogan cut interest rates in the country. He did so mainly because of his Islamic values. But this policy is gradually creating instability in the country’s economy.
In just a few days, the market value of the Turkish lira has fallen by 47 percent. Which has never happened before in the history of Turkey. As a result, the Turkish lira has become one of the weakest currencies in the world today.
Many businessmen have been shocked by Erdogan’s cut in interest rates. As a result, there was widespread opposition to the Erdogan administration. Questions have been raised about Erdogan’s participation in the forthcoming elections.
However, in the last three days, the value of the lira has risen again. Especially after Erdogan’s landmark action. From now on, the lira will no longer have to be converted into dollars for business. As a result, the value of the lira will rise again.
The Turkish lira is likely to move higher in the next seven days. Turkish President Recep Tayyip Erdogan has sided with the beleagured businessmen. He promised to lend more to the traders.
According to analysts, if the Turkish lira continues to rise in this way. Elections could be held in Turkey next year. Where, again, Erdogan will participate as a presidential candidate.