Turkey’s Lira falls after interest rate cut

Turkey’s Lira has fallen by around 5% against the US Dollar, to a new record low of 15.5 Lira per US Dollar.

This comes after the Turkish Central Bank cut the interest rate for the fourth straight month, this time by 100 basis points to 14%.

The currency is now down 13% over the past week and over 45% down in the past month.