Despite Turkey's high inflation, the country's central bank decided to cut the discount rate, causing the lira to fall.
The Central Bank of Turkey cut the discount rate from 18% to 16% on Thursday, October 21, causing the lira to depreciate to a record level against the dollar.
In the last 24 hours, the lira has fallen more than 2% to 9.43 units per US dollar.
The Central Bank made the decision to reduce the discount rate due to record high inflation - in September; price growth accelerated to 20%.