Turkish lira falls to all-time low due to domestic inflation crisis

The Turkish lira fell to 17.5730 against the dollar today, its lowest level since the currency crisis in December 2021, after the dollar strengthened and concerns about high domestic inflation and low-interest rates emerged.

The lira has fallen about 25% this year after plunging 44% in 2021, making it one of the weakest currencies in the developing world.

The unusual interest rate cut at the end of 2021 triggered a crisis in the country and led to inflation of almost 80%.

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