Nayrouz News Agency : The Turkish lira hit a record low against the dollar on Friday, a day after the central bank announced another cut in the interest rate, dropping 2 percent of its value to the level of 16 lira against the dollar.
The value of the dollar has more than doubled this year against the lira, according to CNBC.
The Turkish Central Bank cut the interest rate by 100 basis points, in line with expectations, bringing the rate of cut that began in September to 500 points, which reduces the attractiveness of the currency to investors and depositors.
Under pressure from Turkey's president to cut rates to boost economic growth, the central bank has intervened four times in the currency market in the past two weeks and sold dollars to slow the lira's decline as its already depleted foreign reserves erode.
