Turkish lira hits all-time low again

The Turkish lira continued its slide against the US dollar ahead of the country’s central bank meeting.

Reported from CNBC, that the currency fell to a record low of 10.98 against the dollar but pared some losses to trade at 10.72 on Thursday afternoon in Asia.

In late October, the Central Bank of Turkey decided to cut the interest rate from 18% to 16% amid the record decline in the Turkish lira rate, a move that further accelerated the plunge. Experts expect yet another cut in the interest rate at the meeting on Thursday.

The lira started declining in mid-September on reports of the dismissal of three central bank policymakers this year, including two deputies head of the bank.

Eko Faktoring Financial Director Arda Tunja said all the three policymakers voted against the interest rate cuts in September. He said the Central Bank of Turkey lost its independence, and the lira will keep falling.

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