The exchange rate of the Turkish lira against the dollar is still at an all-time low. The lira continues to depreciate in anticipation of another discount rate cut by the country’s central bank.
In the second half of the day, the dollar rose against the lira to 10.25 lira, which is a new anti-record.
At the end of October, the Central Bank of Turkey decided to reduce the discount rate from 18% to 16% amid a record drop in the Turkish lira exchange rate, which further accelerated the lira depreciation. Experts expect another rate cut by the regulator on Thursday.
In mid-October, the lira fell sharply after Turkish President Recep Tayyip Erdoğan fired three senior central bank officials, including two deputy heads.
Anano Nikoladze
News Author