Turkish Lira drop to a record low against foreign currencies

The Turkish Central Bank on Thursday lowered its one-week repo rate by 200 basis points, well above market expectation.

With the Turkey's Central Bank continued interest rate cuts this week, the dollar jumped to 9.47 TL, the euro to 11.01 TL and the British pound to around 13 TL. 

The depreciation of TL, which started with the signals that the Central Bank of Turkey would be directed to core inflation and interest rate cuts were imminent, continued with the interest rate decision at the investor meeting held in the first days of September.