President of Turkey Recep Tayyip Erdogan pledged to return the lira to ranks. However, Turkey's national currency has topped the list of the worst currencies. In November, the lira dropped by 29% against the greenback and gained the title of the worst-performing currency. Such depreciation is coupled with 3-year high inflation estimated above 21%. The currency has lost approximately half of its value this year. There are no reasons for the lira to increase, according to experts. The Turkish currency plummeted because of the local government policy implementation fully controlled by its head. President Erdogan completely ruined the central bank’s reputation. The regulator was lowering the key interest rate following the President's orders, which is rarely crowned with success. Erdogan stated that the central bank would continue its low-rate policy despite a financial crisis in the country. International rating agency Fitch revised its outlook for the Turkish economy to "negative" from "stable". Experts forecasted that inflation may “reach 25% by end-2021 and remain one of the highest among rated sovereigns, averaging 20% in 2022-2023.” According to the agency, the general government debt is likely to increase significantly to 47% of GDP. Most other currencies of developing and developed countries depreciated against the US dollar by 1-3%. For example, the euro lost 2% and the pound dropped by 3%. The ruble takes seventh place on the list of the world's worst currencies. It has plummeted by 4% against the US dollar over the month.
