The Turkish lira has dropped to its historical low of about 2.5 per $1 in the light of expectations for the Central Bank’s decision to lower the key rate from 8.25% to 7.75% made in January. Turkish President Recep Tayyip Erdogan demanded that the Central Bank lower the rate even more, RIA Novosti reports.
As of 6.56am, the dollar to lira rate went up by 0.23% to 2.4797, reaching a point of 2.4993 throughout trading on Monday. Experts say that the weakening of the Russian ruble (Russia is one of the main trading partners of Turkey) is one of the reasons for the lower value of the Turkish currency.
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