Lira depreciating

Lira depreciating
Lira depreciating

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%.

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