Over the past 24 hours, the Turkish lira has fallen sharply against the dollar and reached a record low.
From the opening of the exchange until the end of the trading day, the lira depreciated by another 4.5%. The dollar exchange rate against the lira is 11.10.
The lira fell even faster after the Central Bank of the Republic announced that it would cut interest rates from 16% to 15% at weekly repo auctions (short-term secured loans).
According to the country's political authorities, this figure is one of the main ones affecting the value of the national currency and inflation.
In mid-October, the lira fell sharply after Turkish President Recep Tayyip Erdogan fired three senior central bank officials, including two deputy governors.
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 depreciation of the lira.
