Turkish lira falls to a record low against the dollar

The Turkish lira fell to its lowest level ever against the dollar during early trading on Monday, bringing its losses so far this year to more than 28%, and continuing its decline after an unexpected interest rate cut last week.

According to “Reuters”, the price of the lira reached 18.4440 against the dollar as of 0453 GMT, down from its level at the close on Friday, which amounted to 18.4280. The lira fell earlier to a record level of 18.4450.

The central bank unexpectedly cut the benchmark interest rate by 100 basis points last week to 12%, citing the economic slowdown despite inflation rising to more than 80 percent in August.

According to “Reuters”, the price of the lira reached 18.4440 against the dollar as of 0453 GMT, down from its level at the close on Friday, which amounted to 18.4280. The lira fell earlier to a record level of 18.4450.

The central bank unexpectedly cut the benchmark interest rate by 100 basis points last week to 12%, citing the economic slowdown despite inflation rising to more than 80 percent in August.