12/13/2021- 8:22 a.m.
Turkish Lira Plunges to ALL-TIME Low Ahead of Anticipated Interest Rate Cut
Turkey’s battered currency fell to a new low Monday, past 14 to the US dollar, prior to what investors expect to be rate cuts from the central bank despite soaring inflation.
The lira was trading at a record low of 14.99 to the dollar Monday – the first time the currency has surpassed 14 to the greenback.
Turkey’s central bank subsequently announced it would intervene directly in the foreign exchange market Monday, selling dollars to prop up the lira – the regulator has cut the key interest rate by 400 basis points since September this year.
