Posted on 11/23/2021 12:21:15 PM PST by nickcarraway
The Turkish lira nose-dived 15% on Tuesday after President Tayyip Erdogan defended a controversial plan to cut interest rates to boost the economy.
The currency hit a record low of just over 13 lira to the dollar, before recovering slightly, marking 11 straight days of falls.
Mr Erdogan has pushed Turkey's central bank to make three rate cuts since September, the most recent last week.
(Excerpt) Read more at bbc.com ...
Interest is not legal under Islam.
I was in Turkey 79-80...the exchange rate was horrible
The one thing they got right. I hope whom ever invented compound interest is in the lowest pit of hell right now.
Good, time to bid Erdogan goodbye.
I disagree. Especially when you have a depreciating monetary unit due to inflation. There has to be some sort of risk premium paid to the lender to compensate him for risk of default and for payments that are in arrears.
It’s all fun and games until the Turkish banks pay someone to cut Recip’s throat
I remember being in Paris during the height of Reagan (1984-6) and living like a king, could eat anywhere on the Champs for the price of Burger King.
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