Turkey Currency Crisis Threatens Economy, Posing Challenge to Erdogan Rule

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

The lira fell to a record low against the dollar on Thursday, trading at 10.98 compared with 10.57 earlier in the day, after the country’s central bank cut its key rate to 15% from 16%.

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