Turkey’s central bank just announced that it would leave its benchmark policy rate on hold at 4.5%, and the lira is plunging to a new all-time low against the U.S. dollar.
Right now, the dollar-lira exchange rate is trading up 0.4% around 2.25. Immediately following the announcement, it went as high as 2.2668.
Over the past month, the lira has made a series of successive record lows as the country has become gripped in political scandal, and tightening of monetary policy in the United States has added downward pressure to the currency as the dollar advances.
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