London Daily

Focus on the big picture.
Friday, Aug 22, 2025

Protests in Turkey's cities after lira plunges to new historic low

Protests in Turkey's cities after lira plunges to new historic low

The Turkish lira has dropped 40 per cent in value since the start of the year, shedding as much as 15 per cent on Tuesday alone.

People in the streets of Istanbul have expressed concern over the Turkish lira plunging to record lows against the dollar on Wednesday, a day after Turkey's president said policymakers had no appetite to hike interest rates in response to the currency's fall.

The Turkish lira earlier hit a record low exceeding 13 lira against the dollar, a loss in value of some 15 per cent before recovering slightly.

The lira has lost some 40 per cent of its value since the start of the year.

The crash also follows recent interest rate cuts – for the third consecutive month last week.

President Recep Tayyip Erdoğan, who had declared himself an "enemy" of high borrowing costs, portrayed his economic policies as "an economic war of independence" during a late-night televised address to the nation.

He made clear that his government would not step back from its policy of lowering borrowing rates to boost growth.

Contrary to traditional economic theory, Erdoğan argues that high interest rates cause inflation. Typically, central banks raise those rates to tame rising consumer prices.

"Either we were going to give up on investments, production, growth and employment by keeping to the understanding that has prevailed in our country for years, or we were going to engage in a historic struggle in line with our priorities," Erdoğan said.

"As always, we preferred the struggle".

"We are determined to do the right thing for our nation," he continued. “We encourage investment, production and exports... We protect employment... We care about growth".

Protests in Istanbul


Inflation is already running at an annual rate of 20 percent. The current economic conditions are causing a spike in the cost of living for many, severely eroding Turks’ purchasing power and causing high unemployment.

Riot police broke up a protest in Istanbul on Wednesday by demonstrators denouncing the government’s economic policies. Dozens of protesters were detained.

The protesters, mostly members of left-wing groups, were starting to gather in Istanbul’s Kadikoy district, located on the Asian side of the city, when police intervened.

Demonstrators were chanting slogans calling for Erdoğan’s government to resign.

Police used shields to break up the crowds and dragged some of the protesters away, provoking jeers from onlookers.

More than 30 people were detained, according to Associated Press journalists at the scene.

There were similar protests in Ankara and other Turkish cities, the Birgun newspaper reported.

Newsletter

Related Articles

0:00
0:00
Close
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
Trump Called Viktor Orbán: "Why Are You Using the Veto"
Horror in the Skies: Plane Engine Exploded, Passengers Sent Farewell Messages
MSNBC Rebrands as MS NOW Amid Comcast’s Cable Spin-Off
AI in Policing: Draft One Helps Speed Up Reports but Raises Legal and Ethical Concerns
Shame in Norway: Crown Princess’s Son Accused of Four Rapes
Apple Begins Simultaneous iPhone 17 Production in India and China
A Robot to Give Birth: The Chinese Announcement That Shakes the World
Finnish MP Dies by Suicide in Parliament Building
Outrage in the Tennis World After Jannik Sinner’s Withdrawal Storm
William and Kate Are Moving House – and the New Neighbors Were Evicted
Class Action Lawsuit Against Volkswagen: Steering Wheel Switches Cause Accidents
Taylor Swift on the Way to the Super Bowl? All the Clues Stirring Up Fans
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Apple Expands Social Media Presence in China With RedNote Account Ahead of iPhone 17 Launch
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Cambridge Dictionary Adds 'Skibidi,' 'Delulu,' and 'Tradwife' Amid Surge of Online Slang
Bill Barr Testifies No Evidence Implicated Trump in Epstein Case; DOJ Set to Release Records
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
The CEO Who Replaced 80% of Employees for the AI Revolution: "I Would Do It Again"
Emails Worth Billions: How Airlines Generate Huge Profits
Character.ai Bets on Future of AI Companionship
China Ramps Up Tax Crackdown on Overseas Investments
Japanese Office Furniture Maker Expands into Bomb Shelter Market
Intel Shares Surge on Possible U.S. Government Investment
Hurricane Erin Threatens U.S. East Coast with Dangerous Surf
EU Blocks Trade Statement Over Digital Rule Dispute
EU Sends Record Aid as Spain Battles Wildfires
JPMorgan Plans New Canary Wharf Tower
Zelenskyy and his allies say they will press Trump on security guarantees
Beijing is moving into gold and other assets, diversifying away from the dollar
Escalating Clashes in Serbia as Anti-Government Protests Spread Nationwide
The Drought in Britain and the Strange Request from the Government to Delete Old Emails
Category 5 Hurricane in the Caribbean: 'Catastrophic Storm' with Winds of 255 km/h
"No, Thanks": The Mathematical Genius Who Turned Down 1.5 Billion Dollars from Zuckerberg
The surprising hero, the ugly incident, and the criticism despite victory: "Liverpool’s defense exposed in full"
Digital Humans Move Beyond Sci-Fi: From Virtual DJs to AI Customer Agents
YouTube will start using AI to guess your age. If it’s wrong, you’ll have to prove it
×