Turkey Proposes Trade With China, Russia And Iran In Local Currencies

Forget the “impossible trinity” – Turkey is facing a just as impossible dilemma where it is trying to juggle two things at the same time: attempts to lower interest rates while supporting its currency, and predictably it is failing.
On Friday, the Turkish Lira crashed to record lows, plunging as much as 3.60 against the dollar when Turkish president Erdogan urged banks to lower interest rates because in order to stimulate investment in the economy “there is no other remedy”.

This post was published at Zero Hedge on Dec 4, 2016.