Beautiful Virgin Islands

Monday, Oct 06, 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

Beautiful Virgin Islands
0:00
0:00
Close
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
Disney Reinstates ‘Jimmy Kimmel Live!’ after Six-Day Suspension over Charlie Kirk Comments
U.S. Prosecutors Move to Break Up Google’s Advertising Monopoly
×