Turkish lira exchange rate falls to record levels

The Turkish lira has renewed its record low level again, depreciating against the US dollar to 17.04 liras, Report informs referring to the data of exchange trading.

At the same time, since the beginning of the year, the Turkish currency has devalued twice, which has become one of the largest drops in the value of the national currency in recent years. In January, $1 equaled about 7.3 liras. On December 17, the lira traded at 16.41 per US dollar.

Last week, Turkey’s Central Bank cut one of its key rates again as a measure to stabilize the lira and inflation. The interest rate at weekly repo auctions was reduced from 15% to 14%.