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Turkish Lira Dips to 16 Per Dollar as Central Bank Lowers Interest Rate, Trading Data Shows

© AP Photo / Lefteris Pitarakis In this Wednesday, Aug. 15, 2018, file photo a worker at a currency exchange shop exhibits Turkish lira banknotes bearing pictures of modern Turkey's founder Mustafa Kemal Ataturk, in Istanbul.(file photo)
In this Wednesday, Aug. 15, 2018, file photo a worker at a currency exchange shop exhibits Turkish lira banknotes bearing pictures of modern Turkey's founder Mustafa Kemal Ataturk, in Istanbul.(file photo) - Sputnik International, 1920, 17.12.2021
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ANKARA (Sputnik) - The Turkish lira is continuing its meltdown and has hit 16 lira to the US dollar after the Turkish Central Bank reduced the interest rate from 15% to 14%, trading data showed on Friday.
As of 06:40 GMT, lira fell from 15.66 to 16.12 to the US dollar, losing 2.5% of its value since the previous day, according to trading data.
The lira has lost more than half of its value over the past year and set a record single-day devaluation record in late November when it shed over 15% of its value in a single trading session.
Turkish President Recep Tayyip Erdogan, who stands for a policy of gradual key rate decrease to lower inflation, announced an increase in the minimum wage from 2,825 to 4,250 lira next year due to the ongoing fall of the national currency.
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