Turkish Lira

Turkey's currency fell to a record low against the dollar before a central bank meeting on interest rates on Thursday. The lira traded at a low of 18.38 against the dollar, past the previous record low of 18.36 in December, before recovering to about 18.36. Turkey has been following President Recep Tayyip Erdogan's unorthodox belief that high interest rates cause high inflation while much of the world is increasing their policy rates to combat inflation. The Turkish central bank last month lowered its benchmark rate by 100 points to 13 per cent. Official statistics released earlier in September showed annual inflation at 80.21 per cent. Last year, the currency kept hitting record lows as the central bank lowered interest rates from 19 per cent. When it finally hit 18.36 against the dollar, Erdogan announced extraordinary measures that he claimed would safeguard the lira. The government encouraged people to swap their dollars for the lira and place them in a deposit account that wo

Turkish consumers already struggle with high inflation and spiralling energy and food prices

The government has imposed three days of power outages a week in the country's hundreds of organised industrial zones

Annual CPI rose to a 19-year high in December due to President Erdogan's push for cheaper borrowing

The lira was also supported last week by a government move to cover FX losses on certain deposits

Erdogan introduced a series of steps late on Monday that he said will ease the burden of a weakened currency on Turks

The Turkish currency had lost more than 50% of its value against the dollar since September as President Recep Tayyip Erdogan leaned on the central bank to slash borrowing costs

Major currencies held within well-worn trading ranges

For a second time in a month, Erdogan invoked religion to justify the current monetary stance

Turkey's central bank cut the benchmark interest rate by another 100 basis points despite soaring inflation, sending the weakening national currency lira to a new historic low against the US dollar.

The bank signalled it would pause the easing cycle to monitor its effects in the next three months

The central bank announced its fourth market intervention in two weeks

Nebati briefed the business people about the steps to be taken to increase investment, production, and employment

Monthly inflation was 3.51 per cent, compared with the median estimate of 3 per cent in a separate survey

Turkish Lira has been plunging to all-time lows against the US dollar and the euro

Erdogan named Nureddin Nebati, who was deputy minister, to the post, according to an announcement published in the Official Gazette

Turkey's central bank has slashed 4 percentage points off borrowing rates since September

Turkish currency lira has lost about 40 per cent of its value this year against the US dollar, while the annual inflation hit almost 20 per cent in October

Turkey's decision to slash 4 percentage points off borrowing rates since September has rattled markets

The lira weakened about 3 per cent early Wednesday