Turkish lira drops to record low as central bank announces another rate cut – The National

Turkish lira drops to record low as central bank announces another rate cut – The National

Turkey’s central bank made another shock cut to interest rates, despite inflation running at a 24-year high and with the lira trading at a record low.

The Monetary Policy Committee led by Governor Sahap Kavcioglu lowered the benchmark to 12 per cent from 13 per cent on Thursday. The lira extended declines after the decision and hit a fresh low against the US dollar.

It was trading 0.3 per cent weaker against the dollar at 3.04pm UAE time.