Lira’s Crisis Threatening Economy

The Turkish Lira slides to record low after the country’s central bank cuts rates again. The Turkish lira’s latest drop in value follows a series of rate cuts by the ccentral bank.

The Wall Street Journal said that currency crisis is shaking Turkey’s economy, imperiling President Recep Tayyip Erdogan’s nearly two-decade-long power and upending living standards in a country that had enjoyed years of growth.

The lira weakened against the dollar on Thursday, hitting a record 11.30 at one point from 10.57 earlier in the day, after the Central Bank cut its key rate to 15% from 16% and the currency lost more than 6% of its value in one day and more than a third since March.