Turkish lira drops to new low after harsh interest rate cut - NewsBreak
By Alvarez in Business
Updated 3 years ago
ISTANBUL (AP) — The Turkish lira plunged to a record low against the U.S. dollar Thursday after a harsher-than-expected cut in interest rates. The decision by the Central Bank's monetary committee to cut the rate from 18% to 16% surprised analysts. The lira dropped to 9.45 against the dollar, compounding a long run of losses.
