Turkish lira hits all-time low against dollar after rate hike - Breaking The News
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Turkish lira hits all-time low against dollar after rate hike

Markets
Christian Baha / NP

1 min read

EPA-EFE/SEDAT SUNA

The Turkish lira slid to a fresh record low against the dollar after the Central Bank of the Republic of Turkey (CBRT) hiked its policy rate from 8.5% to 15%.

In its first decision under new Governor Hafize Gaye Erkan, the CBRT said it decided to increase the rate "in order to establish the disinflation course as soon as possible" and bring inflation, which currently stands at 39.59%, to 5%.

The dollar surged 2.87% against the lira to go for 24.24050 at 1:34 pm CET. The euro also climbed compared to the Turkish currency, gaining 2.54% against the lira to sell for 26.53621 at 1:45 pm CET.

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