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Turkish lira in historic 15% crash after Erdogan stokes fire sales
The Turkish lira plunged 15% on Tuesday on its second-worst day ever after President Tayyip Erdogan defended recent sharp rate cuts and vowed to win his “economic war of independence” despite widespread criticism and pleas to reverse course. The lira fell to a low of 13.45 for the dollar, a record 11th session in a row. It has lost 45% of its value this year, including a drop of nearly 26% since early last week. Erdogan has put pressure on the central bank to embark on an aggressive easing cycle that, he says, aims to boost exports, investment and jobs — even as inflation climbs to nearly 20% and the ... (full story)