Turkish Lira Falls To 20-month Low Versus U.S. Dollar After Turkey Rate Cut
22 Abril 2020 - 02:59AM
RTTF2
The Turkish lira depreciated against the U.S. dollar in the
European session on Wednesday, as Turkey's central bank reduced its
key interest rate to combat the economic fallout from the
coronavirus outbreak.
The Monetary Policy Committee led by Governor Murat Uysal, cut
the policy rate, which is the one-week repo auction rate, to 8.75
percent from 9.75 percent.
This was the third rate cut so far this year. The bank had
reduced another 100 basis points in March.
The central bank said it will continue to use all available
instruments in pursuit of the price stability and financial
stability objectives.
The Turkish lira weakened to 6.9982 against the greenback, its
lowest level since August 2018, when it reached a record low. The
currency may face downside target around the 7.08 region.
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