Turkish lira falls to record low

Turkish currency

The Turkish president calls for lower interest rates.

(Photo: imago images / NurPhoto)

Dusseldorf The expectation of a further interest rate cut by the Turkish central bank is sending the country’s currency down again. In return, the dollar and euro mark new record highs of 9.30 and 10.79 lira, respectively. It does not matter how much the central bank TCMB cuts the key rate on Thursday, says Commerzbank analyst Ulrich Leuchtmann – to 50 or 100 basis points.

For him, one thing is certain: “The message will be clear: The TCMB no longer takes account of the consequences of its interest rate policy for exchange rates, inflation and ultimately for the stability of the Turkish economy.” a declared opponent of high interest rates.

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