After the Turkish Central Bank’s decision to cut the interest rate to 16% from 18%, the exchange rate of the Turkish lira witnessed a record decline.
The Turkish lira fell, on Friday morning, against foreign currencies, and exceeded 9.60 against the US dollar.
According to “Shafaq News”, this decline is historic, as the Turkish lira reached 11.190 against the euro and 13.25 against the sterling pound.
It is noteworthy that the decline of the Turkish lira came against the background of the Turkish Central Bank’s announcement of reducing the interest rate to 16%.
Yesterday, Thursday, the Central Bank of Turkey decided to cut the interest rate to 16% from 18%, amid a record drop in the exchange rate of the Turkish lira, after which it accelerated its decline, falling to 9.47 from 9.29 to the dollar. Today, Friday, the Turkish currency continued to decline in its prices.
The dollar jumped against the lira to 9.18 lira to the dollar on October 14 amid news of the dismissal of three high-ranking central bank officials by decree of Turkish President Recep Tayyip Erdogan, including his deputy, Smekh Tyumen and Ugur Namik Kucuk.