“Turkey’s Central Bank intervenes as currency hits record low”
December 13, 2021
“The Turkish currency dipped to an all-time low Monday amid another anticipated interest rate cut later this week and after the S&P credit rating agency downgraded its outlook for Turkey. The Turkish lira plummeted to 14.75 against the U.S. dollar, prompting Turkey’s Central Bank to intervene by selling off foreign currency. The lira has been plunging to record lows as the bank has slashed borrowing costs by 4 percentage points since September despite soaring inflation…”