The exchange rate of the Turkish lira against the euro is at an all-time low on Thursday.

The value of the currency fell by a few percent during the day to 0.0911 euros.

The fall follows a new interest rate cut by the Turkish central bank.

Due to the constantly rising prices in Turkey, a reduction was not an obvious thing to do, according to analysts.

Nevertheless, the interest rate has gone from 18 to 16 percent.

The situation in Turkey is complicated by the unorthodox economic views of Turkish President Recep Tayyip Erdogan.

According to him, the high interest rates are driving inflation up.

This contradicts the view of many economists, who see raising interest rates as a way to combat inflation.

The exchange rate of the lira has been falling for years.

Five years ago, for example, the coin was worth almost 30 euro cents.

Two years ago, just over half of that was left.

Since mid-September, the currency has lost another 10 percent of its value.

Erdogan has already openly interfered with the affairs of the Turkish central bank several times.

Earlier this month, he fired three directors from the regulator and appointed two new ones.

In the past 2.5 years, the president also said goodbye to three bank governors.

Support for Sahap Kavcioglu, the current chairman of the central bank, also seemed to be waning in recent times.

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