Despite efforts to stop lira fall, Turks still worried

Despite efforts to stop lira fall, Turks still worried

Summary

After the embattled Turkish lira weakened against the US dollar this week, Turks remain troubled over the economy despite the government’s reassurances.

The lira hit 4.92 against the dollar before paring back some of its losses on Wednesday after an emergency central bank interest rate hike, but for many it’s not enough.

During AFP’s visit, dozens came in to change their liras into gold, dollars and euros.

The lira appeared to show no signs of dramatic improvement and was at 4.70 against the dollar on Friday. In the past month, the lira has lost over 16 percent of its value against the greenback.

After the rate hike on Wednesday evening, Erdogan insisted Turkey would adhere to the global governance principles on monetary policy in the new system post-election.






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