The Turkish lira is Recovering From Unprecedented Declines

The Turkish lira rose to less than 11.2 against the dollar on Monday, November 22, after hitting an unprecedented low late last week, after the central bank cut interest rates again under pressure from President Recep Tayyip Erdogan, and indicated that more monetary easing is coming.

The lira was at 11.17 against the dollar, up 0.5% from Friday’s close of 11.2995.

The Turkish currency has lost a third of its value this year, and its weakest level ever, which it reached on Friday at 11.32, was the eighth consecutive session of record lows.