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Turkey Currency Crisis Threatens Economy, Posing Challenge to Erdogan Rule

By Jared Malsin and Anna Hirtenstein

ISTANBUL—A currency crisis is shaking Turkey’s economy, imperiling President Recep Tayyip Erdogan’s nearly two-decade-long grip on power and upending living standards in a country that had enjoyed years of growth.

The Turkish lira hit a record low against the dollar on Thursday after the Central Bank cut a key rate by one percentage point. The currency has lost more than a third of its value since March and is the worst-performing major emerging market currency this year so far.

The depreciating lira is a self-inflicted wound for Mr. Erdogan, who has pushed for lower interest rates as part of an unconventional economic strategy that he argues will encourage growth. Thursday’s rate cut was the third in three months and came after the president fired a series of senior officials who opposed his unorthodox economic vision…

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