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The US dollar was said to be up four percent on Thursday compared to the Turkish currency, which was trading at 6.7422 at 1pm BST.



Since the start of the year, the lira has dropped around 40 percent against the greenback.



Erkan Kilimci is about to resign as the Turkish central bank’s deputy governor and Monetary Policy Committee member, according to Reuters.



A document released by the Development Bank of Turkey today showed Kilimci had joined its boards.



Turkish President Recep Tayyip Erdogan has always favoured rapid growth over inflation, which is currently at more than 15 percent.



Over time, inflation has led to the lira spiralling and investors losing faith in Turkey’s fiscal discipline.



Mr Erdogan, who calls himself “the enemy of interest rates”, has instead pressured the central bank against monetary tightening.



Are we on the brink of a world economic crash?

Is Turkish Lira falling?

The lira crisis in Turkey has put pressure on other currencies around the world.



One Argentina Peso currently stands at 0.020 to the pound.



An Indian Rupee is now 0.011 to the pound.



The Rupee is also suffering due to rising oil prices and strong month-end dollar demand.

Is the world on the brink of an economic collapse?

The lira crisis in Turkey has put pressure on other currencies around the world.