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Turkish Lira Continues to Slide Despite Central Bank’s Efforts

May 25, 2018 at 17:45 by Vladimir Vyun

Closeup of the Turkish 20-lira noteThe Turkish lira continued to slide today despite efforts from the nation’s central bank to stem the currency’s depreciation.

The Central Bank of the Republic of Turkey made an emergency interest rate hike on Wednesday, raising the lending rate by 3 percentage points to 16.5%. Other rates, including the benchmark Marginal Funding Rate, remained without change. Apparently, that was not enough to prevent the collapse of the lira as the currency continued to fall afterwards.

USD/TRY rose 0.21% to 4.7179 as of 17:39 GMT today.

If you have any questions, comments, or opinions regarding the Turkish Lira, feel free to post them using the commentary form below.

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