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The Turkish lira is approaching a historical low level ahead of central bank meetings
The Turkish lira fell 2.8% against the dollar on Wednesday, dragged down by another expected interest rate cut in Turkey this week and ahead of an important monetary policy decision by the US Federal Reserve that could draw more money from emerging markets.
The lira fell to 14,808 against the US currency by 1520 GMT, approaching its record low of 14.99, which it plunged to on Monday, and extending its losses since the end of last year to about 50 percent.
The Central Bank of Turkey is expected to cut its key interest rate by 100 basis points at its meeting on Thursday, despite a sharp rise in inflation as President Recep Tayyip Erdogan puts pressure on him to boost growth ahead of the 2023 elections.
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