Breaking News Turkey with agencies
Turkey’s lira sank up to over 14 per dollar on Monday as the country is expected to cut interest rate.
The Turkish lira dropped as much as 1.2% to trade at 14.0512 per dollar at 9:40 a.m. in Istanbul, according to Bloomberg.
The country’s President Recep Tayyip Erdoğan is known to defend interest rate cuts.
Central Bank in the country has cut interest rate again last month, making it 400 basis points of cuts this year to 15%. The bank is expected to cut its benchmark one-week repo rate again this week.
Meanwhile, Turkey’s inflation runs at 21.31%, according to the Turkish Statistical Institute, also known as TÜİK.
Erdoğan said previously that higher rates would not lower inflation, and vowed to win his “economic war of independence.”