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The Turkish lira exchange rate fell against the dollar today Thursday after the Turkish central bank decided to cut interest rates.
According to data from the Bloomberg website, at 3:10 p.m. Moscow time the dollar row price had risen 1.07% to 8.74 lira per dollar, and before that, the Turkish currency was registering 8, 8,017 lire per dollar, the lowest level on record.
Thus, the Turkish currency hit a record low after the Turkish Central Bank unexpectedly cut its main interest rate, despite deteriorating inflation expectations.
The Turkish Central Bank has decided to lower the interest rate by 100 basis points on repurchases, “repo” for a week, to 18%.
Twenty-three economists polled by “Bloomberg” all but one expected the Turkish central bank to keep the key interest rate at 19% today, given surprisingly high consumer prices.
Bloomberg said the move is a sign that CBE policymakers are giving in to Turkish President Recep Tayyip Erdogan’s demands to cut borrowing costs. The move also threatens to undermine investor confidence in state assets while eroding the real yield of the lira.
Source: Bloomberg + Anatolia
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