Friday, November 26

Turks Abandon the Lira for Dollars as Currency Crisis Deepens

Turks Abandon the Lira for Dollars as Currency Crisis Deepens
 

Source: Turks Abandon the Lira for Dollars as Currency Crisis Deepens

Discovered on: 2021-11-25 19:32:00

ISTANBUL—A currency crisis here is battering Turks’ confidence in their government’s ability to manage the economy, causing droves of people to buy U.S. dollars and sending crowds of people into the streets to oppose President Recep Tayyip Erdogan’s policies.

Riot police lined the streets in parts of Istanbul as the country braced for a third night of scattered protests over Mr. Erdogan’s inability to stop a precipitous drop in the Turkish lira. The lira’s depreciation has undermined nearly two decades of economic gains that had lent Turks a sense that they were ascending into the world’s club of top economies.

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