Turkey’s currency crisis threatens the economy, challenges Erdogan’s government

ISTANBUL – A currency crisis is shaking Turkey’s economy, putting President Recep Tayyip Erdogan’s nearly two-decade-long grip on power and rising living standards in a country that had had years of growth in jeopardy.

The lira weakened against the dollar on Thursday, hitting a record 11.30 at a time of 10.57 earlier in the day, after the central bank cut its key interest rate to 15% from 16%. The currency lost more than 6% of its value in one day and more than a third since March.