Turkey Currency Crisis Threatens Economy, Posing Challenge to Erdogan Rule

ISTANBUL—A currency disaster is shaking Turkey’s financial system, imperiling President Recep Tayyip Erdogan’s approximately two-decade-lengthy grip on energy and upending dwelling specifications in a place that had relished yrs of expansion.

The lira fell to a document low against the dollar on Thursday, trading at 10.98 in comparison with 10.57 before in the day, soon after the country’s central financial institution lower its critical charge to fifteen% from sixteen%.