Turkey’s currency crisis threatens the economy and challenges the Erdogan rule

ISTANBUL — A currency crisis shakes Turkey’s economy and jeopardizes President Recep Tayyip Erdogan’s nearly two-decade-long grip on power and raises living standards in a country that has enjoyed years of growth.

The lira weakened against the dollar on Thursday, hitting a record high of 11.30 at a time of 10.57 earlier in the day after the central bank lowered its key interest rate to 15% from 16%. The currency lost more than 6% of its value in one day and more than a third since March.

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