Turkish lira falls 15 percent against the dollar after Erdogan defends interest-cutting plan

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President Recep Tayyip Erdogan built his reputation on strengthening Turkey’s economy

The Turkish lira fell 15 percent on Tuesday, hitting record lows against the dollar.

It came a day after President Recep Tayyip Erdogan defended a controversial plan to cut interest rates to boost the economy, and vowed to continue what he called the country’s “economic war of independence.”

The Turkish currency recorded just over 13 liras per dollar, before recovering slightly to 11 per dollar.

Erdogan has pushed Turkey’s central bank to make three interest rate cuts since September, most recently last week.

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