the necessary interest rate adjustments. Erdoğan, who claimed interest rates beyond his control to be "the mother and father of all evil", said that "the central bank can't take this independence and set aside the signals given by the president." Despite Erdogan's apparent opposition, Turkey's Central Bank raised interest rates sharply. As of 2020, the Turkish lira continued to plummet in value, with the currency going through a process of depreciation, consistently reaching all-time lows. The Turkish lira deflated by over 400% compared to the US dollar and the euro since 2008, largely due to Erdoğan's expansionist foreign policy. Erdoğan has tried to fix the current financial crisis with unorthodox methods of banking. The Turkish lira recovered partially throughout early 2021 with the government's rise of interest rates, until the currency began crashing though rapid stages of inflation and depreciation on 21 March 2021, after the sacking of Central Bank chief Naci Ağbal. The Turkish lira on 4 June reached a then-all-time-low of ₺8.8 to the dollar. The Turkish lira being one of the quickest collapsing currencies in 2021. The Turkish lira during September 2021 reached a new low of ₺8.9 to the dollar. In late 2021 the Turkish lira began collapsing rapidly, with the exchange rate falling 9% against the US dollar, reaching an all-time low of ₺12.5 to the dollar. The Turkish lira continued to collapse in December, with the inflation rate reaching unseen levels, the Turkish lira collapsing to ₺14.5 to the US Dollar, losing nearly all of its original value. On December 17, the lira fell by 8.5%, raising the exchange rate to ₺16.5 to the US dollar. Despite the currency collapse, Erdoğan lowered interest rates down to 14% from 15%, with the lira losing half of its value since the start of 2021. The Turkish Lira continued to lower throughout 2022. The central bank governor Şahap Kavcıoğlu lowered interest rates by 150 basis points, from 12% to 10.5%, down from 2021 low of 15%. The official inflation rate of the Lira through 2022 reached 83%. Independent reviews of the Turkish lira put the inflation rate higher. Politics and perceptions In the campaign for the 2018 general election in Turkey, a widespread conspiracy theory claimed that the Turkish lira's decline was the work of a shadowy group, made up of "Americans, English, Dutch and some Jewish families" who would want to deprive incumbent President Erdoğan of