Turkish lira plunges to new depths vs dollar after Erdogan defends low-rates policy again

BY Reuters | ECONOMIC | 11/30/21 03:17 PM EST

ISTANBUL, Nov 30 (Reuters) - Turkey's lira fell to an all-time low of 14 versus the dollar on Tuesday after President Tayyip Erdogan repeated his defence of a new economic model based on lower interest rates despite inflation near 20%.

The lira stood at 13.87 against the dollar at 2014 GMT, weakening from a close of 12.8010 on Monday. It has lost more than 46% of its value this year. (Reporting by Ezgi Erkoyun; Editing by Mark Porter)

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