Turkish lira hits record low after central bank cuts rates again – The National

Turkish lira hits record low after central bank cuts rates again – The National

The Turkish lira tumbled to a record low after the central bank cut borrowing costs for a third straight month, a move that risks further undermining price stability while eroding what little confidence investors had in the nation’s policymakers.

The lira fell as much as 6 per cent to 11.3118 against the dollar, the biggest decline in eight months. Officials cut the one-week repo rate by 100 basis points to 15 per cent, in line with the median estimate in a Bloomberg survey, and said they would consider ending the easing cycle next month.

It comes as consumer inflation accelerated to almost 20 per cent in October, a level last seen following a currency crisis three years ago.