Turkish central bank supports the collapse of the lira

ISTANBUL – Turkey’s central bank moved on Wednesday to prop up the country’s collapsing currency, selling off foreign reserves after the lira hit its lowest levels following President Recep Tayyip Erdogan’s comments in Defending his unconventional economic policies.

The lira rebounded after the bank said it was taking measures to address “unhealthy price formations in exchange rates”. The lira’s decline has caused economic pressures on the average Turkish people, who are suffering from soaring prices for food, fuel, medicine and other basic commodities.

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