Turkey’s central bank moved Wednesday to prop up the country’s collapsing currency, selling foreign reserves after the lira reached new lows following comments by President Recep Tayyip Erdogan in defense of his unorthodox economic policies, the Wall Street Journal reported. The lira rebounded after the bank said it was taking action to address “unhealthy price formations in exchange rates.” The free-falling lira has heaped economic pressure on ordinary Turkish people, who are struggling with rising prices of food, fuel, medicine and other essential goods.

Turkey’s top investigative body will focus on foreign currency purchases when it probes the reasons behind the lira’s plunge in November, Bloomberg News reported. Investigators from the State Supervisory Council will be authorized to seek prosecution if criminal activity is suspected, the person told Bloomberg on Monday, speaking on condition of anonymity to disclose confidential details. The state-run Anadolu Agency, which first reported the impending probe on Saturday, said President Recep Tayyip Erdogan has ordered the council to determine whether currency manipulation took place.

The Turkish lira’s freefall shattered records Tuesday as Recep Tayyip Erdogan’s intensifying campaign for lower interest rates plunges the country deeper into crisis, triggering an unscheduled meeting between the president and his central bank chief, Reuters reported. The lira, which dropped by more than 15% earlier in the day, was trading 8.2% lower at 12.4062 per dollar as of 5:30 p.m. in Istanbul. The currency’s 11-day losing streak is now the longest in 20 years, and in November alone, it’s lost almost a third of its value.

The Turkish lira tumbled to a record low after the central bank cut borrowing costs for a third straight month, a move that risks further undermining price stability while eroding what little confidence investors had in the nation’s policy makers, Bloomberg News reported. The lira fell as much as 6% to 11.3118 against the dollar, the biggest decline in eight months. Officials cut the one-week repo rate by 100 basis points to 15%, in line with the median estimate in a Bloomberg survey, and said they would consider ending the easing cycle next month.

President Tayyip Erdogan said on Monday that Turkey will remove two fixed payments from electricity bills to help consumers, adding his government had already subsidised some energy costs, Reuters reported. Erdogan faces tough elections no later than mid-2023 and his approval ratings have been hit by Turkey's nearly 20% inflation rate, with recent rises in staples such as food and gas.

The Turkish lira weakened 1.6% to a record low against the dollar in early Asian trade after President Tayyip Erdogan said he had ordered the expulsion of the ambassadors of the United States and nine other Western countries, Reuters reported. The currency had already hit record lows last week after the Turkish central bank (CBRT) cut its policy rate by 200 basis points, despite rising inflation, in a shock move derided as reckless by economists and opposition lawmakers. The lira hit an all-time low of 9.75 by 1840 GMT on Sunday, weakening from Friday's close of 9.5950.

The Turkish lira plunged to a record low against the U.S. dollar Thursday after a harsher-than-expected cut in interest rates, the Associated Press reported. The decision by the Central Bank’s monetary committee to cut the rate from 18% to 16% surprised analysts. The lira dropped to 9.45 against the dollar, compounding a long run of losses. The cut, which came as inflation stands at nearly 20%, will be seen by many as further evidence of the bank’s lack of independence from the government of President Recep Tayyip Erdogan.

Turkey’s economy slid further into turmoil on Thursday after President Recep Tayyip Erdogan fired three top officials at the country’s central bank in a midnight decree that drove the country’s currency to record lows, the Wall Street Journal reported. The firings are Mr. Erdogan’s latest intervention at the bank after he fired three of its governors within two years, most recently installing a chief in March who agrees with his desire for lower interest rates. Mr.

Money changers in Turkey will be required to record the identities of their clients under new rules issued after the lira hit another low this week, Bloomberg News reported. Previously, only clients whose transactions were worth $3,000 or more were asked to submit personal information. “This new practice aims only to reduce informality in the industry, increase the level of institutionalization and ensure compliance with international regulations,” the Treasury & Finance Ministry said in a statement on Wednesday.

Turkish lenders are resisting demands from the banking regulator to curb growth in consumer credit, which authorities blame for fueling inflation and the current-account deficit, Bloomberg News reported. The executives of top Turkish banks faced off against Mehmet Ali Akben, head of the banking regulator, last Thursday, according to the minutes of their meeting, a copy of which was seen by Bloomberg.