Ankara-Sana
The Turkish lira plunged today to new historical levels against the US dollar.
Reuters reported that the Turkish lira recorded during today's trading the level of 9.62 lira to the dollar, which is the lowest level it has reached in history.
The Turkish currency has continued its decline since yesterday, after the Turkish Central Bank decided to reduce the main interest rate from 18 percent to 16 percent, which is a basic demand of the President of the Turkish regime, Recep Tayyip Erdogan.
Erdogan has repeatedly called on the central bank to ease monetary policy, and analysts believe that his intervention has eroded the credibility of monetary policy in the past few years.
A surprise rate cut of 100 basis points last month sent the Turkish lira sharply lower.