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Anxious Turks struggled to keep up with a bewildering collapse in their currency and the main opposition party leader said the country was experiencing its darkest "catastrophe" as the lira slumped 15% on Tuesday against the dollar. ....
President Tayyip Erdogan has set Turkey's $720-billion economy on a risky new path of aggressive interest rate cuts that he says will boost jobs, exports and growth and paradoxically stem soaring inflation and a currency meltdown. ....
Turkey's lira nose-dived nearly 9% on Tuesday 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. ....
A rebound in Turkey's lira fizzled on Monday and it dipped to a fresh historic low, as analysts said emergency rate hikes would be needed soon, while speculation about a cabinet overhaul and data showing a new low in consumer confidence also weighed. ....
Turkey's annual inflation rate rose to its highest in more than 2-1/2 years in October, data showed on Wednesday, as the central bank, under political pressure to provide more monetary stimulus, has aggressively cut its policy rate in recent months. ....