Saudi Press

Saudi Arabia and the world
Sunday, Jun 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

Saudi Press
0:00
0:00
Close
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
×