The Turkish lira plunged 1.6% to an all-time low against the US dollar in early Asian trade after President Tayyip Erdogan said he had ordered the expulsion of the ambassadors of ten Western countries. The local currency hit a record low of 9.75 by 1840 GMT on Sunday, having fallen nearly 24% since the start of the year. Analysts warned that the lira would come under extreme pressure following Erdogan’s remark.
On Saturday, Erdogan said he had ordered the foreign ministry to expel envoys of the US, Germany, Canada, Denmark, Finland, France, the Netherlands, New Zealand, Norway, and Sweden. The order came after those countries demanded the release of civil society leader Osman Kavala, who has been jailed since 2017 without being convicted.
The foreign ministry had not carried out the instruction as of Sunday evening. The move sparked criticism from Erdogan’s political opponents, who said that the expulsion was his attempt to distract attention from Turkey’s economic woes.
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Published on October 25, 2021 9:29 AM (GMT+8)Last Updated on October 25, 2021 9:29 AM (GMT+8)
