The Turkish lira faces a sharp decline in its value amid expectations of a rate cut at the Central Bank’s meeting


Turkish lira

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The Turkish lira fell to the lowest levels in its history against the US dollar in the recent period

The Turkish lira fell sharply against the US dollar on Wednesday, affected by expectations of a rate cut at Turkish banks.

The Turkish lira lost about four percent of its value, but it returned and compensated part of its losses ahead of an upcoming meeting Thursday of the Turkish Central Bank, during which it is expected to decide to cut interest rates for the third month in a row.

Turkish President Recep Tayyip Erdogan said he would do so so as not to allow the policy of raising interest rates to “crush the people”, vowing to take the “interest rate burden off the people”.

The Turkish president also urged businessmen to invest, hire more workers, and target increasing the country’s exports abroad.


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