On Thursday the Turkish lira broke its record decline at 17.00, and is trading at 11.10 per US dollar, according to online stock exchange trading reports.
During the day, the lira lost about 4.5%. Note that the fall of the Turkish currency accelerated in the afternoon after the announcement of the country's Central Bank of reducing the interest rate at weekly repo auctions by 1%. The Turkish authorities believe that this indicator is one of the key ones affecting the cost of the lira and inflation.
The day before, Turkish President Recep Tayyip Erdoğan reported that high interest rates are the cause of inflation, and the authorities "will save the people from this misfortune" in the form of rates.
At the same time, the Central Bank of Turkey is reluctant to cut rates, explaining this, among other things, by the fact that this indicator is not the main reason for the rise in consumer prices and the devaluation of the national currency.
