© Bloomberg. A customer exchanges U.S. dollars at a currency exchange bureau inside the Grand Bazaar in Istanbul, Turkey, on Friday, Oct. 15, 2021. Turkish President Recep Tayyip Erdogan fired monetary policy makers wary of cutting interest rates further, driving the lira to record lows against the dollar with his midnight decree. Photographer: Moe Zoyari/Bloomberg

(Bloomberg) — The Turkish lira rebounded more than 5% on Wednesday, breaking its longest losing streak in more than two decades. 

The strengthened to as much as 12.0459 per dollar as of 2:49 p.m. in Istanbul. The lira had been battered as President Recep Tayyip Erdogan’s push for lower interest rates, intended to turbo-boost growth and create jobs, instead resulted in concern over price shocks and generated the wildest lira swings in three years. 

©2021 Bloomberg L.P.

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