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Thanks to his low interest rate policies, the inflation rate will decrease by the next elections, the president has asserted.

The president says the country is in an "economic independence war" after lira's plunge following policy rate cuts.

The exchange rate of the US dollar has surpassed 11 against the Turkish lira. The opposition questions the sharp decrease just before the announcement of the policy rate decision.

The exchange rate of the US dollar rose to 9.48, a new all-time high, against the lira after the Central Bank's decision.

The Central Bank has announced that it raised the year-end inflation forecast for both this year and next.

From HDP MP Paylan to Finance Minister Albayrak, who asked CNN Türk’s Ahmet Hakan if he got his wage in dollars: “Is there anything in Turkey, apart from our wages, that is not in dollars? Aren’t our citizens born indebted thousands of dollars?”

Hosting Finance Minister Albayrak on CNN Türk, Ahmet Hakan said, “I get panicked when the exchange rate of US dollar rises. Should we be concerned,” to which Albayrak responded: “Do you get your wage in dollars?”

The Central Bank has taken two actions in an attempt to prevent the further depreciation of Turkish Lira, announcing that “it will provide all the liquidity the banks need.”

The Minister of Finance and Customs Albayrak delivered his speech at the publicity meeting, where he introduced the “New Economic Model”, when the exchange rate of US Dollar was 6.13 TRY. In the course of his speech, the exchange rate has hit 6.56 TRY.

Speaking about the recent increase in the exchange rates of US Dollar and Euro at a mosque in Bayburt, President Erdoğan has said, “We will not lose the economic war.”

Vice Chair of the AKP Cevdet Yılmaz has referred to the recent exchange rate movements as “fluctuations that cannot be explained on economic grounds” and stated that these fluctuations will end sooner or later.

The exchange rate of US Dollar, which was around the level of 5.07 Turkish Lira when the markets closed on Friday, has become 5.18 Turkish Lira on the first day of the week, hitting another record high.