Turkey’s currency sank to a historic low against the dollar as investors fled the lira in anticipation of an interest-rate cut demanded by President Recep Tayyip Erdogan
ISTANBUL—Turkey’s currency traded at a record low against the dollar on Thursday as the country’s central bank cut rates again, urged by President Recep Tayyip Erdogan, despite rapid inflation that threatens Turkey’s broader economy and poses a challenge to the longtime leader.
The central bank cut its key rate by 100 basis points, to 15% from 16%, in line with market expectations.
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