The Turkish Lira crashed to a record low due to Erodgan's proclamation. In the last 30 days, the Lira has lost 35 per cent of its value against the dollar. Overall, the currency has fallen by 50 per cent this year.

Turkish citizens have been burning the Lira on the streets amid a surge in inflation. Last month, the inflation rate crossed more than 21 per cent. People have no choice but to line up for subsidised bread. They are also cutting down on meat, some have even fled the country for a better life in Europe.

The Turkish president has fired nearly every economic official who challenged him. He has sacked three central bank chiefs in two years and forced the country to accept interest rate cuts.

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Not accepting his own policy failures, Erdogan now aims to shield himself from criticism by using religion. 
 
Harming Islam to get off from the hook cannot be an act of a true Muslim<a href="https://t.co/3kGmTsUYSX">pic.twitter.com/3kGmTsUYSX</a>
— Mustafa Gurbuz (@Mustafa__Gurbuz) <a href="https://twitter.com/Mustafa__Gurbuz/status/1472696870006837256?ref_src=twsrc%5Etfw">December 19, 2021</a></blockquote>
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Despite high inflation, Erdogan has stuck to his interest rate policy. He has forced the country's central bank to keep interest rates low which means the Turkish banks can give out loans at cheaper rates. Now, there is excess money in the economy and inflation is breaking records.

Ideally, the central bank should have increased the interest rates which would encourage savings and discourage borrowing and bring inflation under control.

However, Turkey's central bank is helpless since it remains under Erdogan's control. The president is now justifying his decision by invoking religion.

Erdogan says Islam won't allow him to cut interest rates. "We're lowering interest rates. Don't expect anything else from me. As a Muslim, whatever (Islamic teaching) requires I will continue to do that," he said.

Amid the economic downturn, the Turkish voters are gearing up to get rid of Erdogan in 2023 with the president's approval ratings fallen to record lows.

According to a survey, just 39 per cent of the Turkish voters want him to continue. Erdogan's AKP has support from just 26 per cent of the voters.

The national alliance which is a collective of major opposition leaders seems to have got ahead with almost 40 per cent of the voters backing them.

Islam is the go-to defence mechanism for Erdogan. The president brings up religion every time he senses trouble. When the West attacked him, Erdogan declared himself as a leader of the Islamic world and got support from Malaysia and Pakistan.

After he began losing support at home, Erdogan turned the iconic Hagia Sophia museum into a mosque and&nbsp;then the president turned more churches and museums into mosques.

Erdogan fought back criticism with Islam. However, the economy has proved to be his Achilles heel. He is now using religion to defend his policies, however, considering the anger of the Turkish people his strategy is not working.

The Turkish Lira crashed to a record low due to Erodgan's proclamation. In the last 30 days, the Lira has lost 35 per cent of its value against the dollar. Overall, the currency has fallen by 50 per cent this year.

The Turkish Lira crashed to a record low due to Erodgan's proclamation. In the last 30 days, the Lira has lost 35 per cent of its value against the dollar. Overall, the currency has fallen by 50 per cent this year. Turkish citizens have been burning the Lira on the streets amid a surge in inflation. Last month, the inflation rate crossed more than 21 per cent. People have no choice but to line up for subsidised bread. They are also cutting down on meat, some have even fled the country for a better life in Europe. The Turkish president has fired nearly every economic official who challenged him. He has sacked three central bank chiefs in two years and forced the country to accept interest rate cuts. Not accepting his own policy failures, Erdogan now aims to shield himself from criticism by using religion. Harming Islam to get off from the hook cannot be an act of a true Muslimpic.twitter.com/3kGmTsUYSX — Mustafa Gurbuz (@Mustafa__Gurbuz) December 19, 2021 × Despite high inflation, Erdogan has stuck to his interest rate policy. He has forced the country's central bank to keep interest rates low which means the Turkish banks can give out loans at cheaper rates. Now, there is excess money in the economy and inflation is breaking records. Ideally, the central bank should have increased the interest rates which would encourage savings and discourage borrowing and bring inflation under control. However, Turkey's central bank is helpless since it remains under Erdogan's control. The president is now justifying his decision by invoking religion. Erdogan says Islam won't allow him to cut interest rates. "We're lowering interest rates. Don't expect anything else from me. As a Muslim, whatever (Islamic teaching) requires I will continue to do that," he said. Amid the economic downturn, the Turkish voters are gearing up to get rid of Erdogan in 2023 with the president's approval ratings fallen to record lows. According to a survey, just 39 per cent of the Turkish voters want him to continue. Erdogan's AKP has support from just 26 per cent of the voters. The national alliance which is a collective of major opposition leaders seems to have got ahead with almost 40 per cent of the voters backing them. Islam is the go-to defence mechanism for Erdogan. The president brings up religion every time he senses trouble. When the West attacked him, Erdogan declared himself as a leader of the Islamic world and got support from Malaysia and Pakistan. After he began losing support at home, Erdogan turned the iconic Hagia Sophia museum into a mosque and then the president turned more churches and museums into mosques. Erdogan fought back criticism with Islam. However, the economy has proved to be his Achilles heel. He is now using religion to defend his policies, however, considering the anger of the Turkish people his strategy is not working.

Turkey President Erdogan turns to Islam as Lira crashes

The Turkish lira tumbled on Monday as President <a href="https://www.wionews.com/world/president-erdogan-removes-turkeys-third-central-bank-governor-in-less-than-two-years-371863">Erdogan</a> sacked the country's central bank chief Naci Agbal.

Watch:

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The Turkish lira fell 17 per cent sliding&nbsp;8.47 per US dollar in early trade on Monday even though it recovered slightly later at 8.09.&nbsp;

Agbal's sacking came just a day after the country's central bank hiked interest rates by more than two percentage points to 19 per cent in a bid to fight inflation.

Agbal was appointed less than five months ago but has been replaced by Sahap Kavcioglu who has been an open critic of Agbal's policies.

In July 2019, President Erdogan had sacked central bank chief Murat Cetinkaya for not bringing interest rates down swiftly and had replaced Murat Uysal after the currency slumped to a record low.

Kavcioglu is the fourth central bank chief in five years in Turkey as the country battles economic crisis amid the pandemic.

Kavcioglu asserted that the bank would focus on lowering the double-digit inflation even though Agbal's rate hike of 200 basis-points on Thursday had sparked an over 3 per cent lira rally.

The lira has reportedly lost half its value since the 2018 currency crisis.

The Turkish lira tumbled on Monday as President Erdogan sacked the country's central bank chief Naci Agbal. Watch: The Turkish lira fell 17 per cent sliding 8.47 per US dollar in early trade on Monday even though it recovered slightly later at 8.

The Turkish lira tumbled on Monday as President Erdogan sacked the country's central bank chief Naci Agbal. Watch: The Turkish lira fell 17 per cent sliding 8.47 per US dollar in early trade on Monday even though it recovered slightly later at 8.09. Agbal's sacking came just a day after the country's central bank hiked interest rates by more than two percentage points to 19 per cent in a bid to fight inflation. Agbal was appointed less than five months ago but has been replaced by Sahap Kavcioglu who has been an open critic of Agbal's policies. In July 2019, President Erdogan had sacked central bank chief Murat Cetinkaya for not bringing interest rates down swiftly and had replaced Murat Uysal after the currency slumped to a record low. Kavcioglu is the fourth central bank chief in five years in Turkey as the country battles economic crisis amid the pandemic. Kavcioglu asserted that the bank would focus on lowering the double-digit inflation even though Agbal's rate hike of 200 basis-points on Thursday had sparked an over 3 per cent lira rally. The lira has reportedly lost half its value since the 2018 currency crisis.

Turkish Lira tumbles after Erdogan fires central bank chief

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Turkey President Erdogan turns to Islam as Lira crashes

Turkish Lira tumbles after Erdogan fires central bank chief