Turkey’s currency hits new low after further rate cut

Recep Tayyip Erdoğan
Turkish president Recep Tayyip Erdoğan
Photo: G20 Argentina

The Turkish central bank’s monetary policy committee again cut policy rates, after which the country’s currency fell to another record low on forex markets.

The MPC announced on December 16 that it had cut the one-week repo auction rate from 15% to 14%. This was the fourth meeting in a row where it cut rates, despite official inflation reaching over four times the central bank’s target rate.

Turkish president Recep Tayyip Erdoğan has dismissed the central bank’s last three governors, saying

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