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Turkish currency hits new low as central bank cuts rates again

Move follows Erdoğan’s dismissal of two deputy governors and one MPC member

CBRT
The Central Bank of the Republic of Turkey
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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