> Lira plunges after Erdogan cites Islam to defend rate cuts / V000_9UZ86M
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Lira plunges after Erdogan cites Islam to defend rate cuts / V000_9UZ86M
Clip ID 2139722
Creator AFP
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Description
Images of foreign exchange shops in Istanbul as Turkey's troubled lira nosedives after President Recep Tayyip Erdogan cited Muslim teachings to justify not raising interest rates to stabilise the currency. Erdogan has pushed the central bank to sharply lower borrowing costs despite the annual rate of inflation soaring to more than 20 percent. Economists believe the policy could see consumer price increases reach 30 percent or higher in the coming months. IMAGES AND SOUNDBITES