Turkish currency hits new low as central bank cuts rates again

The Central Bank of the Republic of Turkey
Photo: CBRT

Turkey’s currency has hit a record low against the dollar, after the central bank’s monetary policy committee cut rates for the third meeting in a row.

The MPC cut the rate by 100 basis points to 15% today (November 18), despite official figures showing rising year-on-year inflation. Turkey’s president Recep Tayyip Erdoğan made it plain in a public speech the previous day that he wanted a further rate cut.

He said on November 17 that he believed policy rates must go lower, adding that he was

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