Turkey: Trade union stages labour rights protest in Istanbul amid Lira historic low

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Protesters and members of the Confederation of Revolutionary Trade Unions of Turkey (DISK) called for improved labour rights and a higher minimum wage, at a rally in Istanbul on Friday. The gathering follows the recent collapse in the value of the Lira and comes days after Turkish President Recep Erdogan defended his government’s monetary policy of lowering interest rates despite rising inflation.

On Tuesday, the Turkish national currency hit a record low against the dollar, the largest downward plunge in 20 years, losing an estimate of 40 percent of its value since January 2021. High inflation rates have affected accessibility to basic goods in Turkey and have helped trigger a dramatic fall in the value of the Lira

During a televised address to the nation, the president defended cutting interest rates, saying he would not be put off by rising inflation. Erdogan had previously declared himself an ‘enemy’ of high borrowing rates.

Opponents have accused President Erdogan of political interference, alleging his has put pressure on the central bank to lower rates.

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