Turkish Lira Today, November 18, dramatically lost in value. According to online reports of stock trading, Lira at 17:00 local time (at 18:00 on Baku) is traded at 11.10 per dollar.
Thus, the Turkish currency has lost the day from the opening of the exchange of about 4.5%. The fall accelerated after the Central Bank of the Republic announced the decline in interest rate at the auctions of the weekly repo (short-term loan of funds secured by securities) from 16% to 15%. According to the political authorities of the country, this indicator is one of the key affecting the cost of national currency and inflation, writes TASS.
On the eve of Turkish President Recep Tayyp Erdogan, said that high “interest rates are the reason for inflation,” and the authorities “will save the people from this misfortune” in the form of rates. He also pointed out that “will not go close to those who protect the idea of saving high interest.”