Turkish Lira Nosedives 15% as Erdogan Defends Rate Cuts

The Turkish lira plunged 15% on Tuesday in its second worst day ever after President Recep Tayyip Erdogan defended recent sharp interest rate cuts, vowing to win his "economic war of independence" despite widespread criticism.

The lira fell to 13.45 against the dollar, hitting record lows for the eleventh consecutive session, before paring some losses. It has lost 45% of its value this year, including a drop of about 26% since the start of last week.

Erdogan has pressured the central bank to switch to a strict easing cycle aimed, he says, at boosting exports, investment and jobs — even as inflation soars to nearly 20% and currency devaluation accelerates, severely affecting citizens earnings.

Many economists have described the rate cuts as reckless while opposition politicians have called for immediate elections.

Former Deputy Bank Governor Semih Tumen, who was sacked last month in the latest round of rapid reform of Erdogan's leadership, has called for the immediate return of policies that protect the value of the lira.

Apple Temporarily Halts Sales in Turkey After Currency Crash

Apple appears to have temporarily halted sales of devices in Turkey as the country's economic crisis deepened on Tuesday morning.

Right now, Apple's Turkey storefront is up and operational, but no devices are able to be added to a virtual cart or purchased at this time because of the volatility.