Turkish lira hits new all-time low ...News

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Turkish lira hits new all-time low
The currency continues to plunge amid record inflation despite several rate hikes by the central bank The Turkish currency continued to decline on Monday, falling below 28 lira against the US dollar, marking the lowest level on record. The currency is down more than 50% against the greenback so far this year. In September, the Turkish central bank increased the key interest rate by 500 basis points to 30%. The move marked a fourth straight hike aimed at tackling high inflation as part of a broader policy U-turn. In August, the regulator refused to inject more foreign-exchange reserves to buoy the domestic currency

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