On Thursday, Turkey's central bank announced another interest rate cut, reducing its rate to 13% from 14%.
In the last year, the Turkish lira has lost more than half of its value against the US dollar. In August 2017, it was worth six times as much against the dollar than at present.
Turkey's counterintuitive economic policy is insisted by President Recep Tayyip Erdogan, who believes that reducing interest rates can slow inflation, rather than fuel it.
Consumers in Turkey will have it rough with inflation rates of 80% year-on-year, which is expected to increase further by the end of 2022.
Since 2019, Erdogan has fired three central bank heads who pursued a more traditional economic policy.
