Turkey: Despite strong inflation, the Turkish central bank cut interest rates for the third month in a row, sending the country's currency, the lira, to fresh historic lows against the US dollar.

During a crucial meeting, the bank's Monetary Policy Committee (MPC) voted to drop the benchmark interest rate by 100 basis points to 15%. According to sources, the bank earlier cut rates by 300 basis points in August, in keeping with Turkish President Recep Tayyip Erdogan's opinion that higher interest rates lead to higher prices.

Erdogan repeated his opposition to high rates in Parliament on Wednesday, before of the MPC meeting, vowing to fight them "to the end." In the meantime, he promised to take steps to safeguard low-income groups from growing living costs.

Following the MPC's rate-cut decision, the Turkish lira fell to a new low of 11.2 against the US dollar. On Tuesday, the lira experienced one of its largest losses of the year, shedding almost 4% versus the dollar and trading at 10.45 per dollar, only four days after passing the psychologically significant level of ten dollars.

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