Turkish lira depreciates further after Erdogan's pledge of rate cuts

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Turkish lira depreciates further after Erdogan's pledge of rate cuts

STORY: Turkish lira depreciates further after Erdogan's pledge of rate cuts DATELINE: June 9, 2022 LENGTH: 00:02:00 LOCATION: ISTANBUL, Turkey CATEGORY: POLITICS/ECONOMY SHOTLIST: 1. various of the exchange office 2. various of Erdogan speaking 3. various of the exchange office 4. various of Turkey's central bank, employee counting Turkish lira 5. various of Istanbul 6. various of gas station 7. various of people shopping at supermarket in Istanbul STORYLINE: Turkey's lira accelerated its downward spiral on Wednesday after Turkish President Recep Tayyip Erdogan reaffirmed on Monday his pledge to further cut interest rates and ease borrowing. One dollar was traded at 17.15 Turkish liras at 13:05 local time (10:05 GMT), losing 2.5 percent of its value in a single day, bringing its total losses to almost 100 percent compared with a year ago. Erdogan has been focusing on a low-interest policy to increase exports and production for a stabilized Turkish currency. Some commodities, such as diesel fue

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