SULAIMANI (ESTA) — Turkey’s lira firmed to below 11.2 to the dollar on Monday, having hit a record low late last week after the central bank slashed its policy rate again under pressure from President Tayyip Erdogan, and signaled more easing was on the way.
The lira, traded at 11.09 at 0551 GMT, firming 0.5% from a close of 11.2995 on Friday.
It has lost a third of its value this year and Friday’s all-time weakest level of 11.32 marked an eighth straight session of record lows.
The lira plunged some 12% last week alone, making it the worst performer in emerging markets, driven by the central bank’s decision to cut its policy rate by 100 basis points to 15% despite inflation running near 20%.
Last Thursday’s crash marked the biggest daily drop for the lira since Erdogan, a self-described enemy of interest rates, sacked former hawkish central bank chief Naci Agbal in March.
