The value of the Turkish lira has dropped to 2.65 per $1. It has lost 13% of its value since the start of the year, becoming one of the fastest devaluating currencies of the world, being second after Brazil's real (-20%), RIA Novosti reports.
The Turkish Central Bank lowered the key rate from 7.75% to 7.5%. Turkish President Recep Tayyip Erdogan called it an unsufficient reduction of the key rate and condemned the Central Bank, demanding further lowering of the rate in the light of cheap oil. Experts say that Erdogan's words weakened the currency.
