The president called early elections hoping to get out ahead of economic troubles, but the lira’s dive caught up with him before the June vote
The exchange rate of US Dollar to Turkish Lira, which fell from the level of 4.80 TRY to 4.50 TRY following the Central Bank’s interest rate hike by 300 basis points, has started to rise again after the markets have opened.
Turkey’s Central Bank has sharply increased one of its primary lending rates as it looks to stem the embattled Turkish Lira’s decline.
Argentina and now Turkey have been forced to raise interest rates to defend their currencies from growing pressure on emerging markets.
It comes after the currency hit a record low on fears the government will meddle with interest rates.
The Organization for Security and Cooperation in Europe (OSCE) is planning to deploy 28 long-term and 350 short-term observers to follow Turkey’s presidential and parliamentary elections on June 24.
Germany is showing a “democracy deficit” by denying Turkish politicians permission to campaign ahead of the June elections, the deputy chairman of the ruling Justice and Development Party (AKP) told a German newspaper on May 23.
Elif Nur Bayram, an 18-year-old senior high school student, has become Turkey’s youngest ever parliamentary nominee, putting forward her candidacy to become an MP for the ruling Justice and Development Party (AKP).