EXPLAINER: Turkey's currency is crashing. What's the impact?
ABC News
Turkey’s beleaguered currency has been plunging to all-time lows against the U.S. dollar and the euro in recent months as President Recep Tayyip Erdogan presses ahead with a widely criticized effort to cut interest rates despite surging consumer prices
ANKARA, Turkey -- Turkey’s beleaguered currency has been plunging to all-time lows against the U.S. dollar and the euro in recent months as President Recep Tayyip Erdogan presses ahead with a widely criticized effort to cut interest rates despite surging consumer prices.
As a result, families are struggling to buy food and other goods and the Turkish lira has lost around 40% of its value since the start of the year, becoming one of the world's worst-performing currencies.
Here is a closer look at the Turkish currency crisis and its impact on a country with eye-popping inflation:
WHAT IS GOING ON?
