Erdogan orders Turkish lira drop investigated

State news agency Anadolu reported that Erdogan has asked the State Supervisor Council an audit agency reporting to the Presidency to identify institutions that had purchased large amounts of foreign currency and to determine whether there was any manipulation.

The Turkish lira fell to the lowest levels this week, after President Erdogan pledged it would continue with the policy of easing interest rates. The Turkish currency has lost 45 per cent of its value this year, and half of the value loss has occurred in the past two weeks.

The Turkish lira dropped by $13.45 on Tuesday, after Erdogan declared he would continue with the policy for the central bank to lower the rate by 15 per cent, despite inflation at around 20 per cent.

During this speech, he said Turija is fighting “a struggle for economic independence” and would not kneel before pressure to change politics.

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Turkey's State Supervisor Council may require various organisations to submit important information and documents and then submit investigation findings to relevant authorities.