EXPLAINER: Turkey’s currency is crashing. What’s the impact?

By SUZAN FRASER
Associated Press

ANKARA, Turkey (AP) — Turkey’s beleaguered currency has been plunging to all-time lows against the U.S. dollar and the euro in recent months as President Recep Tayyip Erdogan presses ahead with a widely criticized effort to cut interest rates despite surging consumer prices. As a result, families are struggling to buy food and other goods and the Turkish lira has lost around 40% of its value since the start of the year. It’s become one of the world’s worst-performing currencies. The devalued lira is driving prices higher, making imports, fuel and everyday goods more expensive in Turkey.