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Turkish Lira Falls Near Record Lows After Rate Cut

September 23, 2021, 3:00 pm
Turkish Lira Falls Near Record Lows After Rate Cut
Turkey’s central bank cut its key interest rate on Thursday in a move that could complicate the country’s path to economic recovery from the Covid-19 pandemic and a prolonged inflation problem. Officials cut Turkey’s key policy rate, its one-week repo rate, to 18% from 19%. Following the announcement, the Turkish lira fell 1.2% against the dollar, with one dollar buying 8.76 lira, near record lows hit in June.
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