The president makes reference to Islamic rule regarding interest, US dollar climbs towards 18 TL

After President Recep Tayyip Erdogan’s interest rate statement last night and his expression “As a Muslim, I will continue to do what our religion requires, this is the provision” the dollar and the euro started the day with new records.

With the government’s economic policy and interest rate cuts, there have been record depreciation losses in the Turkish lira. Last week, after the Central Bank’s 100-point rate cut, the dollar saw 17 and the euro 19 above the lira, renewing its historic peak. However, the dollar and the Euro started to climb again with the first day of the new week. The dollar, which started the day at a new record high in the morning, was trading at 17.62 and the euro was trading at 19.84.

ERDOGAN MAKES REFERENCE TO RELIGIOUS RULES AND CURRENCY JUMPS

On the night of the increase in the dollar and the euro, the speech of President Recep Tayyip Erdogan attracted attention. Speaking at the Science Dissemination Awards Ceremony last night, Erdogan made statements on interest rate policy and said “I will continue to do what our religion requires, this is the provision” meaning he would require the CBRT to go ahead with interest rate cuts.