TURKISH LIRA SINKS

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The Turkish currency, lira, has hit a new record low of 14.60 against one US dollar ahead of an upcoming meeting of the country’s Central Bank on the interest rate cut…reports Asian Lite News

The lira stood at 14.48 at 12.20 p.m. on Monday after losing nearly 5 per cent of its value since the close of 13.88 on December 10, reports Xinhua news agency.

TURKISH LIRA SINKS

The currency has fallen more than 45 per cent in value against the greenback since the start of the year, and the losses expanded in the last three months as the central bank made consecutive interest rate cuts.

Following the further depreciation of the lira, the Central Bank of the Republic of Turkey interfered in the foreign exchange market by selling dollars, it announced on its website on Monday afternoon.

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The bank has sold around $2 billion to hold the lira at the 14 thresholds with several interventions in the last two weeks.