LIVE: Demonstrators gather in Istanbul over Turkish lira collapse

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Demonstrators gather in Istanbul on Wednesday, November 24, to protest the devaluation of the Turkish lira which plunged to a fresh low against the dollar on Tuesday.

Turkey’s President Recep Tayyip Erdogan has earlier defended cutting interest rates, saying he would not be deterred by rising inflation. Previously, he has declared himself an ‘enemy’ of high borrowing costs.

Overall, the lira has lost around 40 percent of its value against the dollar since the start of 2021. The country’s inflation rate is currently near 20 percent, affecting the accessibility of basic goods for Turks.​

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