The Record Devaluation of the Lira: 'Possible Manipulation?' Erdoğan Orders Investigation

The President of Turkey, Recep Tayyip Erdoğan, has ordered an investigation into potential "manipulations" of the currency as the lira reached an unprecedented low against the dollar earlier this week, reports the Sabah newspaper.

On Tuesday, the Turkish lira recorded one of its most significant declines this year, hitting a new historical minimum, attributed to Erdoğan's support for interest rate cuts despite widespread criticism of his economic policies.

Erdoğan has tasked authorities with identifying institutions that have acquired large amounts of foreign currency and determining whether any manipulations have occurred, according to the newspaper.

The decline of the lira has raised concerns about a full-scale financial crisis in the country. Protests were held in major cities including Izmir, Ankara, and Istanbul on Tuesday, where thousands gathered to oppose Erdoğan's economic policies.