Turkish central bank acts as election prompts lira slump
Lira hits record low as Erdoğan's party loses parliamentary majority
The Central Bank of the Republic of Turkey (CBRT) today (June 8) took measures to prop up the lira as a general election in the country failed to give a single party a majority, hitting markets hard.
The lira was down 3.8% against the US dollar as of 4pm London time, having dropped to a record low earlier in the morning before recovering slightly.
The central bank announced it would cut the deposit rates on its foreign exchange deposit facilities, from 4% to 3.5% for US dollars and 2% to 1.5%
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