Turkey’s oil prices have risen for the third time a week, due to Turkish inflation.

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Turkey's oil prices have risen for the third time a week, due to Turkish inflation.

The lira had briefly hit its record low of around 18 in late December 2021 when Turkish President Recep Tayyip Erdogan announced his government would keep cutting interest rates to sustain the economy. Erdogan said earlier this week that Turkey will further cut interest rates as a way to increase production and exports.

Story Highlights

  • The Turkish lira meanwhile is on the way to reaching an all-time low it set in late December last year, with one dollar traded at 17.12 Turkish liras on Saturday. The currency’s dramatic decline comes together with ever-increasing inflation, which saw a 24-year high in May.