Turkey: The Turkish lira has sunk to a new low of 14.60 per dollar against the US dollar ahead of a meeting of the country's Central Bank on interest rate cuts. According to federal reports, the lira was trading at 14.48 at 12.20 p.m. on Monday, having lost about 5 percent of its value since closing at 13.88 on December 10.
Since the beginning of the year, the currency has lost more than 45 percent of its value versus the US dollar, and the losses have accelerated in the last three months as the central bank has made consecutive interest rate cuts.
The Central Bank of the Republic of Turkey intervened in the foreign exchange market by selling dollars, it declared on its website on Monday afternoon, following the lira's continued fall.
With repeated interventions in the last two weeks, the bank has sold about USD2 billion to keep the lira at 14 levels.
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