The crisis of the Turkish lira is weighing heavily on the people and economy of that country. Since the beginning of the year, the Turkish currency has fallen 55 percent. Turkish President Recep Tayyip Erdogan is said to be single-handedly ruining the economy. According to his own statement, the devout Muslim sees interest as the “root of all evil.” Interest is not allowed according to the Koran and the Islamic faith, and for this reason Erdogan is sticking to his controversial interest rate policy.
“I adhere to the Koran and religion,” Erdogan stressed. Those working in Turkey’s financial sector disagree. They’ve noted that even the Saudis don’t adhere to Sharia law when it doesn’t suit them or the country to do so. Erdogan has so far replaced three finance ministers who disagreed with him. When he appointed Nureddin Nebati as the new finance minister, Nebati’s first public act in the role was to post a prayer on Twitter: “Allah, make it easy, don’t make it difficult!” Erdogan announced further rate cuts and promised: “With Allah’s help we will reduce...
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